Marriott Vacations Worldwide C Stock Price, News & Analysis

On April 21, 2023, Marriott Vacations Worldwide (NYSE: VAC) was honored with 11 awards by the American Resort Development Association (ARDA), recognizing excellence across various sectors, including marketing, management, and resort design. Notably, the company set a record with 57 nominations, with ARDA selecting 36 finalists. Key award recipients included David Calvert as ACE Employee of the Year and the Interval International IT Team for notable technological accomplishments. Marriott Vacations emphasized that the dedication of its associates contributed significantly to its success in 2022, where it previously garnered seven awards from 17 finalists. This recognition reinforces Marriott's leadership in the timeshare industry.

Open Network Exchange has appointed Lani Kane-Hanan as the new CEO, effective late June 2023. She brings over 30 years of experience from her previous role as EVP and Chief Development & Product Officer at Marriott Vacations Worldwide (NYSE:VAC). Kane-Hanan's leadership is expected to bolster ONE’s innovation and growth strategies while enhancing its digital solutions across various sectors. John Rowley, the current CEO, will transition to Executive Chairman to support her leadership and provide continuity. The company anticipates that Kane-Hanan’s extensive expertise in product development will expand ONE's offerings and solidify its market position.

Interval International has renewed a long-term partnership with Divi Caribbean Club, covering seven resorts across Aruba, Barbados, Bonaire, and St. Maarten. This multi-year agreement aims to enhance offerings for Divi Vacation Club members through a range of services, including ongoing support and reservation services.

Members will gain access to Interval Platinum® benefits, providing enhanced vacation experiences. Interval has noted that the Caribbean is a preferred destination for its members and sees value in the collaboration.

Both parties express enthusiasm for continued growth and improved vacation experiences for guests, emphasizing significant investments and customer satisfaction.

Marriott Vacations Worldwide Corporation (NYSE: VAC) has successfully completed its first timeshare receivable securitization of 2023, amounting to $380 million. This transaction, named the 2023-1 Securitization, backed by approximately $388 million of vacation ownership loans, showcases a strong gross advance rate of 98% and a weighted average interest rate of 5.52%. The securitization comprises four classes of notes, with Class A Notes carrying an interest rate of 4.93%. The company plans to utilize proceeds to reduce outstanding credit facility obligations and for general corporate purposes. Executives expressed satisfaction with investor demand, reflecting confidence in the company's leisure-focused business model.

Marriott Vacations Worldwide Corporation (NYSE: VAC) will announce its financial results for the first quarter of 2023 after market hours on May 3. A conference call to discuss these results is scheduled for 8:30 a.m. ET on May 4, accessible via phone at (877) 407-8289 or (201) 689-8341 for international callers. A live webcast will also be available through the company's Investor Relations page. An audio replay of the call will be accessible from 10 a.m. ET on May 5 to 10 p.m. ET on June 4 using the same dial-in numbers and conference ID 13737056.

Marriott Vacations offers a wide range of vacation ownership and management services, operating over 120 resorts and serving approximately 700,000 owner families globally.