Marriott Vacations Worldwide Corporation

Marriott Vacations Worldwide Corporation is the world’s leading pure-play public timeshare company. Formerly a division of Marriott International, Marriott Vacations Worldwide was established as a separate, publicly traded entity focusing primarily on vacation ownership in November 2011.[2] Marriott Vacations Worldwide runs more than 70 resorts with over 400,000 Owners and Members. Its brands include Marriott Vacation Club,[3] Marriott Vacation Club Pulse, Grand Residences by Marriott,[4] and The Ritz-Carlton Destination Club.[5]

Marriott Vacations Worldwide Corporation
TypePublic
IndustryHospitality, Tourism
FoundedHilton Head, South Carolina, U.S.
Headquarters
Orlando, Florida
,
U.S.
Revenue US$ 1.75 billion (2013)[1]
US$ 80 million (2013) [1]
Total assets US$ 2.632 billion (2013) [1]
Total equity US$ 1.2 billion (2013) [1]
Number of employees
10,000 (Jan 2014)[1]
WebsiteMarriott Vacations Worldwide

History

Marriott Ownership Resorts Inc. (MORI) was established on April 17, 1984 with the acquisition of American Resorts on Hilton Head Island, South Carolina. Marriott’s Monarch became the first MORI resort.[6] In 1995, MORI became Marriott Vacation Club International. The move reflected the company’s evolution from real estate development and sales focus to "delivering an overall vacation experience".[7] In 1997, the company expanded to Europe with its first resort in Marbella, Spain. In 2001, the first Asian resort in Phuket, Thailand was added to the company's collection. Similar to its successful segmentation of the lodging industry pioneered in the 1980s, Marriott Vacation Club International introduced The Ritz-Carlton Destination Club in 1999 – a luxury fractional ownership offering.[5] Two years later, the Grand Residences by Marriott brand was created. The first property opened in 2002 in South Lake Tahoe, California.[7] In 2007, Marriott Vacation Club International began to market its core timeshare brand as Marriott Vacation Club.[3] In 2010, the company launched its points-based Marriott Vacation Club Destinations Program in North America and the Caribbean. This change was the most significant program innovation in the company’s history and provided a new product offering increased flexibility.[8]

ILG, Inc. acquisition

In April 2018, Marriott Vacations Worldwide announced that they would purchase ILG, Inc. for $4.7 billion.[9]

References
  1. MARRIOTT VACATIONS WORLDWIDE CORPORATION Form 10-K, Securities and Exchange Commission, February 27, 2014
  2. Marriott International Focuses on Lodging Management and Franchising, Completing Spin-Off of Vacation Ownership Business – Marriott News Center
  3. Marriott Vacation Club – Home
  4. Marriott Grand Residence Club
  5. The Ritz-Carlton Destination Club – Luxury Resorts for Luxury Travel
  6. Marriott plans St. Kitts timeshares – Washington Business Journal
  7. http://www.marriottvacationsworldwide.com/downloads/presskits/Company-History.pdf
  8. Marriott Vacation Club Introduces New Vacation Ownership Program
  9. Brinkmann, Paul (30 April 2018). "Marriott timeshare company will buy ILG for $4.7B stock and cash". Orlando Sentinel. Retrieved 20 April 2018.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.