Marriott Vacations Worldwide C - VAC STOCK NEWS

Aqua-Aston Hospitality, part of Marriott Vacations Worldwide, has announced new initiatives for 2023 focusing on sustainability and wellness. Key highlights include conversions of Hawaii properties to bulk bathroom amenities, reducing single-use plastics, and energy consumption renovations at Aqua Palms Waikiki aimed at achieving a 45% reduction. The company also debuted the Botánika Osa Peninsula in Costa Rica, offering yoga and wellness programs. Additionally, ADERO Scottsdale Resort introduced new rooms with Peloton Bikes. Aqua-Aston continues to support local culture by offering complimentary access to museums for guests in Oahu.

Marriott Vacations Worldwide Corporation (NYSE: VAC) reported a strong fourth quarter and full year 2022. Consolidated Vacation Ownership contract sales reached $454 million, up 12% year-over-year, with net income attributable to shareholders at $88 million or $2.08 per share. For the full year, contract sales were $1.84 billion, a 34% increase, while net income totaled $391 million, or $8.77 per share. The company anticipates contract sales growth of 5% to 9% in 2023, with adjusted EBITDA expected between $950 million and $1 billion. Notable impacts in 2022 included approximately $13 million in lost sales due to hurricanes.

Marriott Vacations Worldwide Corporation (NYSE: VAC) has declared a quarterly cash dividend of $0.72 per share, set to be paid on or around March 16, 2023. Shareholders on record as of March 2, 2023 will be eligible for this distribution. The decision reflects the Board's confidence in the company's growth strategy and commitment to delivering value to its shareholders. Marriott Vacations, a leader in the vacation ownership sector, operates over 120 resorts and serves approximately 700,000 owner families worldwide.

Marriott Vacations Worldwide Corporation (NYSE: VAC) will release its fourth quarter 2022 financial results on February 22, after market close. Following the announcement, a conference call will take place at 8:30 a.m. ET on February 23 to discuss these results. Participants can join the call by calling (877) 407-8289 (international: (201) 689-8341) or via the live webcast available on the Investor Relations section of the company's website. An audio replay of the call will be accessible starting February 24 until March 23.

Marriott Vacations Worldwide Corporation (NYSE: VAC) announced the promotion of Stephanie Sobeck Butera to Executive Vice President and Chief Operating Officer of Hyatt Vacation Ownership. With nearly 25 years of industry experience, Butera has held various leadership roles within the company, notably leading the integration of Welk Resorts after its acquisition. John E. Geller, the new President and CEO, emphasized her capability to navigate challenging business environments. This appointment is part of MVW's commitment to leadership development.

Marriott Vacations Worldwide (NYSE: VAC) has established the Stephen P. Weisz Endowed Scholarship to support hospitality students at the University of Central Florida (UCF) in honor of retiring CEO Stephen Weisz. This $250,000 endowment will provide two $5,000 scholarships annually, starting Fall 2023, for students demonstrating academic success and community commitment. The initiative also unlocks a $50,000 matching grant from the UCF Challenge, totaling a $300,000 investment aimed at enhancing student opportunities at UCF's renowned Rosen College.

Marriott Vacations Worldwide Corporation (NYSE: VAC) announced a private offering of $500 million in 3.25% convertible senior notes due 2027. The offering will close on December 8, 2022, with an option for initial purchasers to buy an additional $75 million. Proceeds will be used to cover convertible note hedge costs, redeem 2025 Secured Notes, repay revolving credit, repurchase shares at $143.13 each, and settle associated expenses. The notes carry a conversion premium of approximately 32.5%. Interest payments start June 15, 2023.

Marriott Vacations Worldwide Corporation (NYSE: VAC) announced plans to offer $500 million in convertible senior notes due 2027. The offering is aimed at qualified institutional buyers and could increase by an additional $75 million. Proceeds will be used to redeem existing secured notes, repay credit facility borrowings, repurchase shares, and cover transaction expenses. The company will engage in hedge transactions to mitigate dilution risk upon conversion of the notes. The offering has not been registered under the Securities Act.

Marriott Vacations Worldwide Corporation (NYSE: VAC) has announced a quarterly cash dividend of $0.72 per share, reflecting a 16% increase from the previous dividend. The dividend is scheduled for payment on or around January 5, 2023, to shareholders on record as of December 22, 2022. CEO Stephen P. Weisz expressed confidence in the company's business model and cash flow strength, highlighting optimism for future growth.