Marriott Vacations Worldwide C - VAC STOCK NEWS

Marriott Vacations Worldwide (NYSE: VAC) announced the launch of Abound by Marriott Vacations, a new owner benefit and exchange program, set to debut in summer 2022. This initiative aims to enhance vacation experiences for travelers, particularly targeting Millennials. Abound provides access to over 90 vacation club resorts, 8,000 Marriott Bonvoy hotels, and 2,000 unique experiences. The leisure travel market is projected to reach $1.7 trillion by 2027, positioning this program for success in a growing industry.

Marriott Vacations Worldwide Corporation (NYSE: VAC) raised its full-year 2022 guidance, increasing contract sales expectations by $100 million due to high owner occupancies and strong tour growth. The company anticipates continuing strong adjusted development profit margins despite an increase in owner usage impacting rental and exchange revenues. Projected full-year adjusted EBITDA is expected to exceed previous guidance, ranging from $880 million to $930 million. The company also expects adjusted free cash flow between $590 million and $670 million.

Stephen P. Weisz will retire as CEO of Marriott Vacations Worldwide (NYSE: VAC) on December 31, 2022, after 50 years in the hospitality industry. John E. Geller Jr., current President, will succeed him on January 1, 2023. Under Weisz's leadership, the company has seen significant growth, notably through the 2018 acquisition of ILG. Geller has played a crucial role in the company's recovery from the COVID-19 pandemic and upcoming product innovations. The company aims to deliver value to shareholders while expanding its business.

Marriott Vacations Worldwide Corporation (NYSE: VAC) completed its first timeshare receivable securitization of 2022, issuing $375 million in notes backed by approximately $383 million in vacation ownership loans. The notes, issued through MVW 2022-1 LLC, feature varying interest rates ranging from 4.15% to 7.35%. Proceeds from the transaction will be used for purchasing additional loans, repaying a warehouse credit facility, covering transaction expenses, and for general corporate purposes. The company will also redeem its previous VSE 2016-A transaction for $38 million.

Marriott Vacations Worldwide Corporation (NYSE: VAC) has announced a quarterly cash dividend of $0.62 per share, payable on or around June 9, 2022. This dividend is granted to shareholders who are on record as of the close of business on May 26, 2022. The company continues to demonstrate its commitment to returning value to its shareholders while maintaining a strong business presence in the vacation ownership sector.

Interval International has renewed its long-standing affiliation with Westgate Resorts, which started in 1991. This renewed partnership includes 20 premier Westgate properties across the U.S., enhancing travel options for members. Westgate owners benefit from Interval's services such as Interval Options and VIP Concierge. This relationship, according to Westgate's CEO David Siegel, has greatly contributed to their growth and owner satisfaction. Interval International operates a vast exchange network, serving over 1.6 million member families worldwide, and is part of Marriott Vacations Worldwide (VAC).

Marriott Vacations Worldwide Corporation (NYSE: VAC) reported strong first quarter 2022 results, achieving adjusted EBITDA of $188 million and contract sales of $394 million, both surpassing pre-pandemic levels.

Net income attributable to shareholders was $58 million, with adjusted earnings per share at $1.70. The company also returned $168 million to shareholders through share repurchases and dividends. Revenues increased 60% year-over-year, supported by a robust business model. For 2022, the company reaffirmed guidance, expecting net income of $317 to $347 million and adjusted EBITDA of $860 to $920 million.

Interval International has renewed its long-standing affiliation with Dawn Beach Club in St. Maarten, first established in 2009. This multi-year agreement enhances membership access to Interval's comprehensive vacation exchange benefits. As an Elite Resort, Dawn Beach Club offers luxurious accommodations and facilities, contributing to a robust vacation experience. Both companies emphasized the importance of this partnership, highlighting growth in membership and superior services. New purchasers can enroll in Club Interval Gold or Interval Platinum, gaining access to exclusive benefits, including travel discounts and concierge services.