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Marriott Vacations Worldwide Corporation (symbol: VAC) is a leading independent public company in the vacation ownership industry. With a presence spanning over 60 resorts worldwide, the company serves more than 400,000 owners under well-recognized brands such as Marriott Vacation Club, The Ritz-Carlton Destination Club, and Grand Residences by Marriott. These brands offer luxury vacation packages and accommodations, primarily in the United States, but also across Europe and the Asia Pacific region.
One of the core functions of Marriott Vacations Worldwide is the sale of vacation ownership products. This includes providing luxurious vacation experiences through a portfolio of high-end resorts. The company's offerings also extend to purchase money financing for its customers, facilitating easier access to their vacation services.
Marriott Vacations Worldwide operates through two main segments: Vacation Ownership and Exchange & Third-Party Management. The primary revenue driver is the Vacation Ownership segment, which focuses on the sale of vacation packages and ownership products. The other segment, Exchange & Third-Party Management, involves managing third-party vacation rental properties and exchange services.
Recent achievements include expanding its portfolio with new resorts and enhancing customer experiences through innovative service offerings. The company remains focused on its mission to provide memorable vacation experiences while maintaining financial stability and growth.
For more detailed information, visit the company's official website at marriottvacationsworldwide.com.
On January 15, 2021, Stephen P. Weisz, CEO of Marriott Vacations Worldwide Corporation (VAC), received the prestigious 2020 Charles Andrews Memorial Hospitality Award for Community Leadership from the Central Florida Hotel & Lodging Association. The award recognizes his significant contributions to Central Florida's hospitality sector. Weisz, a Cornell University graduate, has a long history with Marriott, including leadership roles spanning 39 years. The award underscores his commitment to enhancing the community and advancing tourism through hospitality.
Marriott Vacations Worldwide Corporation (NYSE:VAC) has promoted John E. Geller, Jr. to President while maintaining his role as Chief Financial Officer. Geller's promotion is endorsed by CEO Stephen P. Weisz, who cites Geller's 12 years as CFO and his role in shaping the company’s strategy. Mr. Geller will lead the vacation ownership sector and oversee Finance, Human Resources, and IT. The company, known for its vacation ownership and resort management, aims for continued growth amidst economic recovery aspirations for 2021.
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.
Marriott Vacations Worldwide Corporation (NYSE: VAC) has appointed Lori Gustafson as the new executive vice president and chief brand and digital strategy officer. She will be responsible for enhancing the company’s global brand presence and driving digital innovation to improve customer satisfaction. Gustafson has extensive experience in the industry, having previously worked for Wyndham Destinations and SeaWorld Parks & Entertainment. Her role indicates a strategic focus on digital capabilities, aiming to transform customer experiences as the company continues to expand its offerings.
Marriott Vacation Club, part of Marriott Vacations Worldwide (NYSE: VAC), has announced that reservations will start for their new resort in Costa Rica, slated for occupancy in January 2021. This will mark the brand's first venture in Central America, featuring 24 two-bedroom lock-off villas within the Los Sueños Resort and Marina. Owners will benefit from amenities like a free-form pool, spa, and nearby golfing opportunities. The resort is developed in partnership with CPG Hospitality and Enjoy Group, pending completion of acquisition.
Marriott Vacations Worldwide Corporation (NYSE: VAC) has announced that John Geller, the executive vice president and chief financial and administrative officer, will take part in a fireside chat during the Barclays Eat, Sleep, Play Conference on December 2, 2020, at 1:00 p.m. ET. A live webcast will be accessible in the Investor Relations section of the company's website and will remain available for 30 days following the event. Marriott Vacations is recognized as a leading vacation company, managing a diverse portfolio including vacation ownership and rental services.
Marriott Vacations Worldwide (NYSE: VAC) reported a third-quarter 2020 net loss of $62 million, equating to a $1.51 loss per share. Despite a challenging environment, the company saw a recovery in occupancy rates, leading to $140 million in contract sales. The outlook for the fourth quarter anticipates contract sales to rise to $160-$185 million. Adjusted EBITDA for the quarter was $35 million, while cash and equivalents stood at $660 million. The company has also enhanced its synergy savings target to $200 million. However, a workforce reduction plan is expected to impact around 3,000 associates.
Marriott Vacations Worldwide Corporation (NYSE: VAC) will release its third-quarter 2020 financial results after market close on November 4, 2020. A conference call to discuss these results is scheduled for 8:30 a.m. ET on November 5, 2020. Participants can join the call by dialing (877) 407-8289 or (201) 689-8341 for international access. A live webcast will be available on their Investor Relations website, with an audio replay from 10:00 a.m. on November 5 until 10:00 p.m. on December 5. For more details, visit their official site.
Marriott Vacations Worldwide (NYSE: VAC) supports the U.S. Travel Association's "Let's Go There" campaign, aimed at reigniting travel interest post-lockdown. Launched on September 8, 2020, the campaign highlights the wellness benefits of planning vacations. Polls by happiness researcher Michelle Gielan show that 97% of respondents feel happier with trips planned. Marriott is committed to ensuring guest safety with new cleaning standards across its 21,000+ vacation accommodations globally, promoting a safe environment for travelers. The campaign extends into 2021, focusing on family travel experiences.
Marriott Vacations Worldwide (NYSE: VAC) has launched the More Space, Happy Place campaign to promote its vacation ownership villas across Marriott Vacation Club, Westin Vacation Club, Sheraton Vacation Club, and Vistana brands. The initiative emphasizes spacious accommodations that allow guests to maintain social distancing while enjoying family-friendly amenities like fully equipped kitchens. The company is also reinforcing its Commitment to Clean protocols, ensuring health and safety measures are in place for guests. This campaign aims to instill confidence in vacationers as they return to their favorite destinations.
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