Marriott Vacations Worldwide Corporation operates a global vacation ownership, exchange, rental, and resort and property management business. Company news commonly covers Vacation Ownership performance, contract sales, tours, volume per guest, exchange activity through Interval International, and guidance for operating results. Updates also address restructuring, modernization costs, impairment charges, and other items that affect reported and adjusted results.
Recurring developments include quarterly earnings releases, dividends, securitizations backed by vacation ownership loans, and executive leadership changes. The company’s disclosures also reference its portfolio of vacation ownership resorts, owner families, membership programs, and long-term brand relationships used in the development, sales, and marketing of vacation ownership products and services.
Marriott Vacations Worldwide (NYSE: VAC) has launched the More Space, Happy Place campaign to promote its vacation ownership villas across Marriott Vacation Club, Westin Vacation Club, Sheraton Vacation Club, and Vistana brands. The initiative emphasizes spacious accommodations that allow guests to maintain social distancing while enjoying family-friendly amenities like fully equipped kitchens. The company is also reinforcing its Commitment to Clean protocols, ensuring health and safety measures are in place for guests. This campaign aims to instill confidence in vacationers as they return to their favorite destinations.
Marriott Vacations Worldwide Corporation (NYSE: VAC) has announced participation in the J.P. Morgan Gaming, Lodging, Restaurant & Leisure Conference on September 15, 2020, at 9:40 a.m. ET. Key executives including Stephen P. Weisz, John Geller, and Neal Goldner will take part in a fireside chat. A live webcast will be accessible via the Investor Relations section of the company's website and will remain available for 30 days post-event.
Marriott Vacations Worldwide Corporation (NYSE: VAC) reported a challenging second quarter in 2020, heavily impacted by the COVID-19 pandemic. Total contract sales in Vacation Ownership fell to $30 million, a 92% drop compared to the previous year. The net loss attributable to shareholders was $70 million, or $1.68 per share. However, the company is optimistic, noting a recovery in resort occupancies and reopening 70% of its sales centers. They anticipate positive cash flow in the latter half of 2020 and issued $375 million in notes post-quarter end to enhance liquidity.
Marriott Vacations Worldwide completed its first timeshare receivable securitization of 2020, issuing $375 million in notes backed by approximately $383 million of vacation ownership loans. The weighted average interest rate for the notes is 2.53 percent, with a gross advance rate of 98 percent. The notes were issued by MVW 2020-1 LLC across four classes. Proceeds from the transaction will be allocated to repay a $531 million warehouse credit facility, cover transaction expenses, and support general corporate purposes.
Marriott Vacations Worldwide Corporation (NYSE: VAC) announced participation at the Jefferies Virtual Consumer Conference on June 24, 2020, at 9:30 a.m. ET. Executives John Geller and Neal Goldner will engage in a fireside chat. A live webcast will be accessible in the Investor Relations section of the company's website, and it will remain available for 30 days post-event. Marriott Vacations is a prominent vacation company offering ownership, exchange, and rental services, maintaining strong relationships with Marriott International and Hyatt Hotels.