Marriott Vacations Worldwide Corporation Provides Business Update
Marriott Vacations Worldwide Corporation (NYSE: VAC) is participating in the Barclays Eat, Sleep, Play virtual conference today at 1:00 p.m. ET. Executive VP John Geller will engage in a fireside chat. The company also updated its fourth quarter operational guidance, reporting $118 million in quarter-to-date contract sales with expectations for the quarter to reach between $160 million and $185 million, reflecting a 15% to 30% improvement. Occupancy in Hawaii is improving, but Kauai's quarantine rule may impact trends. Exchange transactions at Interval International increased nearly 10% year-over-year.
- Quarter-to-date contract sales of $118 million indicate improving sales.
- Fourth quarter contract sales expected between $160 million and $185 million, a 15% to 30% increase from previous quarters.
- Strong VPG and higher sequential tour volume anticipated to boost sales.
- Nearly 10% increase in exchange transactions at Interval International year-over-year.
- Kauai's 14-day quarantine rule effective December 2 may temper fourth quarter trends.
ORLANDO, Fla., Dec. 2, 2020 /PRNewswire/ -- Marriott Vacations Worldwide Corporation (NYSE: VAC) will take part in the Barclays Eat, Sleep, Play virtual conference today. John Geller, executive vice president and chief financial and administrative officer, will participate in a fireside chat at 1:00 p.m. ET, which will be webcast.
The Company is also providing an update to its fourth quarter operational guidance:
- Quarter-to-date contract sales were
$118 million with November improving slightly over October. As a result, the Company continues to expect fourth quarter contract sales to be between$160 million and$185 million , a roughly15% to30% sequential improvement; - VPG continues to be strong and higher sequential tour volume is expected to drive higher fourth quarter contract sales compared to the third quarter;
- Hawaii reopened on October 15 and occupancy trends have been encouraging thus far though Kauai's 14-day quarantine rule effective December 2 may temper fourth quarter trends; and
- Exchange transactions at Interval International increased nearly
10% quarter-to-date compared to the prior year.
A live webcast of today's fireside chat will be available in the Investor Relations section of the company's website at ir.mvwc.com.
About Marriott Vacations Worldwide Corporation
Marriott Vacations Worldwide Corporation is a leading global vacation company that offers vacation ownership, exchange, rental and resort and property management, along with related businesses, products and services. The company has a diverse portfolio that includes seven vacation ownership brands. It also includes exchange networks and membership programs, as well as management of other resorts and lodging properties. As a leader and innovator in the vacation industry, the company upholds the highest standards of excellence in serving its customers, investors and associates while maintaining exclusive, long-term relationships with Marriott International and Hyatt Hotels Corporation for the development, sales and marketing of vacation ownership products and services. For more information, please visit www.marriottvacationsworldwide.com.
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SOURCE Marriott Vacations Worldwide
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