Welcome to our dedicated page for Marriott Vacations Worldwide C news (Ticker: VAC), a resource for investors and traders seeking the latest updates and insights on Marriott Vacations Worldwide C stock.
Marriott Vacations Worldwide Corp (NYSE: VAC) provides premium vacation ownership experiences through its globally recognized resort brands. This news hub offers investors and industry observers a centralized source for official updates and market developments related to the company's operations.
Track critical announcements including quarterly earnings reports, strategic partnerships, and resort network expansions. Our curated collection simplifies monitoring of operational milestones in vacation ownership programs and exchange management services.
Key coverage areas include innovations in timeshare financing, property portfolio growth, and leadership updates. Stay informed about regulatory developments affecting the leisure industry and VAC's responses to market trends.
Bookmark this page for streamlined access to Marriott Vacations Worldwide's latest corporate communications. Regular updates ensure you maintain current awareness of this hospitality leader's market position and strategic initiatives.
Marriott Vacations Worldwide Corporation (NYSE: VAC) has announced that John Geller, its president and chief financial officer, will lead a fireside chat at the J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum on March 12, 2021, at 9:30 a.m. ET. Investors can tune in to the live webcast via the Investor Relations section on the company's website, which will remain available for 30 days post-event. Marriott Vacations is a premier vacation company, offering a wide array of related services and products.
Marriott Vacations Worldwide Corporation (NYSE: VAC) announced its fourth quarter and full year 2020 financial results, indicating a strong recovery in contract sales with a 27% increase sequentially to $178 million in Q4. However, full year contract sales declined 57% to $654 million, resulting in a net loss of $275 million. The company ended 2020 with $1.3 billion in liquidity and plans to acquire Welk Resorts for approximately $430 million, projecting enhanced growth opportunities. Outlook for Q1 2021 indicates contract sales between $190 million and $210 million.
Marriott Vacations Worldwide Corporation (NYSE: VAC) will release its financial results for the fourth quarter and full-year 2020 after market close on February 24, 2021. A conference call to discuss these results is scheduled for 8:30 a.m. ET on February 25, 2021. Investors can access the call by dialing (877) 407-8289, and a live webcast will be available on the company's Investor Relations website. An audio replay will be accessible from 10:00 a.m. on February 25 until 10:00 p.m. on March 25, 2021.
Marriott Vacations Worldwide Corporation (NYSE: VAC) announced the pricing of a private offering of $500 million in 0.00% convertible senior notes due 2026, with an option for initial purchasers to acquire an additional $75 million. The proceeds will primarily finance the acquisition of Welk Resorts for $430 million and repay debts. The notes will mature on January 15, 2026, with a conversion rate of 5.8476 shares per $1,000, reflecting a 40% premium over the last share price of $122.15. The offering is set to close on February 2, 2021.
Marriott Vacations Worldwide Corporation (NYSE: VAC) plans to offer $500 million in convertible senior notes due 2026, with an additional option for $75 million. The proceeds will finance the acquisition of Welk Resorts for $430 million, repay existing Welk Resorts debt, and settle existing loans. The notes will be senior unsecured obligations guaranteed by Marriott Ownership Resorts and its subsidiaries, maturing on January 15, 2026. The offering and related transactions aim to reduce share dilution risks and maintain stock value stability.
Marriott Vacations Worldwide (NYSE: VAC) has announced its agreement to acquire Welk Resorts, a prominent independent timeshare company, for approximately $430 million, which includes about 1.4 million MVW shares. The acquisition is expected to close in early Q2 2021, pending regulatory approvals. Welk operates eight upscale resorts, which will be rebranded as Hyatt Residence Club, expanding the number of resorts by 50% and increasing the total owners to nearly 90,000. This strategic acquisition aims to enhance revenue through improved marketing efficiencies and growth opportunities.
Marriott Vacations Worldwide Corporation (NYSE: VAC) announced preliminary fourth quarter 2020 results, revealing a 25% increase in contract sales for vacation ownership, totaling $178 million. Additionally, the average revenue per member decreased 4% year-over-year, while Interval International exchange transactions grew 17%. The company ended 2020 with approximately $1.3 billion in liquidity. The GAAP results are pending and expected to be finalized by February 24, 2021.
Marriott Vacation Club has opened its first resort in Central America, located in Los Sueños, Costa Rica. This new resort offers 24 two-bedroom lock-off villas, promoting family vacations with spacious accommodations ranging from 393 to 1,129 square feet. Owners can exchange stays through the Marriott Vacation Club Destinations Exchange Program. The resort features amenities shared with the adjacent Los Sueños Marriott Ocean & Golf Resort, including a pool, restaurants, and golf. Timeshare sales will commence soon, expanding Marriott's portfolio in the region.
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.
