Marriott Vacations Worldwide

Rank#3698

Market Cap3.73B

CountryUnited States

Summary

Marriott Vacations Worldwide Corporation, a vacation company, develops, markets, sells, and manages vacation ownership and related products. It operates through two segments, Vacation Ownership and Exchange & Third-Party Management. The company manages vacation ownership and related products under the Marriott Vacation Club, Grand Residences by Marriott, Sheraton Vacation Club, Westin Vacation Club, Hyatt Residence Club, and Marriott Vacation Club Pulse brands. It also develops, markets, and sells vacation ownership and related products under The Ritz-Carlton Destination Club brand; and holds right to develop, market, and sell ownership residential products under The Ritz-Carlton Residences brand. In addition, the company offers exchange networks and membership programs, as well as provision of management services to other resorts and lodging properties through various brands, including Interval International, Trading Places International, Vacation Resorts International, and Aqua-Aston. As of December 31, 2021, the company operated approximately 120 properties in the United States and thirteen other countries and territories. The company sells its upscale tier vacation ownership products primarily through a network of resort-based sales centers and off-site sales locations. Marriott Vacations Worldwide Corporation was founded in 1984 and is headquartered in Orlando, Florida.

History

Marriott Ownership Resorts Inc. 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. 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". 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. Two years later, the Grand Residences by Marriott brand was created. The first property opened in 2002 in South Lake Tahoe, California. In 2007, Marriott Vacation Club International began to market its core timeshare brand as Marriott Vacation Club. 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.

ILG, Inc. acquisition

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

Mission

To enhance the lives of our customers by creating and enabling unsurpassed vacation and leisure experiences.

Vision

To become the premiere provider and facilitator of leisure & vacation experiences in the world.

References

https://en.wikipedia.org/wiki/Marriott_Vacations_Worldwide

https://in.investing.com/equities/marriott-vacations-worldwide-corp

https://finance.yahoo.com/quote/VAC/profile?p=VAC

https://www.comparably.com/companies/marriott/mission

https://www.crunchbase.com/organization/marriott-vacations-worldwide