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we are about vacation experiences.
−Removed: We have been an independent public company since our November 2011 spin-off from Marriott International.
We are a global leader in vacation ownership with some of the most iconic brands in the industry.
−Removed: We are the exclusive worldwide developer, marketer, seller and manager of vacation ownership and related products under the Marriott Vacation Club, Grand Residences by Marriott, Sheraton Vacation Club, Westin Vacation Club, and Hyatt Residence Club brands, as well as under Marriott Vacation Club Pulse, an extension of the Marriott Vacation Club brand.
−Removed: We are also the exclusive worldwide developer, marketer and seller of vacation ownership and related products under The Ritz-Carlton Destination Club brand, and have the non-exclusive right to develop, market and sell whole ownership residential products under The Ritz-Carlton Residences brand.
−Removed: We have a license to use the St.
+Added: We are the exclusive worldwide developer, marketer, seller and manager of vacation ownership and related products under the Marriott Vacation Club, Grand Residences by Marriott, Sheraton Vacation Club, Westin Vacation Club, and Hyatt Vacation Club brands, as well as under Marriott Vacation Club Pulse, an extension of the Marriott Vacation Club brand.
+Added: We are also the exclusive worldwide developer, marketer and seller of vacation ownership and related products under The Ritz-Carlton Club brand and we have the non-exclusive right to develop, market and sell whole ownership residential products under The Ritz-Carlton Residences brand.
+Added: We also have a license to use the St.
Regis brand for specified fractional ownership products.
−Removed: In addition, as part of our acquisition of Welk, we plan to rebrand all Legacy-Welk resorts as Hyatt-branded in 2023.
−Removed: Interval International is our high-quality membership brand that serves as the gateway to unparalleled vacation experiences around the world, including access to its affiliated resorts.
+Added: In addition, during 2023, we rebranded all Legacy-Welk resorts as Hyatt Vacation Club resorts.
+Added: Interval International is our high-quality membership brand that serves as the gateway to vacation experiences around the world, including access to its affiliated resorts.
Our Aqua-Aston business provides management services for resorts, hotels, and other third-party vacation property owners.
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In the United States, most vacation ownership products are sold as timeshare estates, which can be structured in a variety of ways, including a deeded real estate interest in a specified accommodation unit, an undivided interest in a building or an entire resort, or a beneficial interest in a trust that owns one or more resort properties.
−Removed: By purchasing a VOI, owners make a commitment to vacation.
For many purchasers, vacation ownership provides an attractive alternative to traditional lodging accommodations (such as hotels, resorts and condominium rentals).
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This fee represents the owner’s allocable share of the costs and expenses of operating and maintaining the vacation ownership property and providing program services.
−Removed: This fee typically covers expenses such as housekeeping, landscaping, taxes, insurance, and resort labor, a property management fee payable to the management company for providing management
−Removed: services, and an assessment to fund a capital asset reserve account used to renovate, refurbish and replace furnishings, common areas and other assets (such as parking lots or roofs) as needed over time.
+Added: This fee typically covers expenses such as housekeeping,
+Added: landscaping, taxes, insurance, and resort labor, a property management fee payable to the management company for providing management services, and an assessment to fund a capital asset reserve account used to renovate, refurbish and replace furnishings, common areas and other assets (such as parking lots or roofs) as needed over time.
Owners typically reserve their usage of vacation accommodations in advance through a reservation system (often provided by the management company or an affiliated entity), unless a VOI specifies fixed usage dates and a particular unit every year.
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License Agreements and Intellectual Property
−Removed: Our long-term license agreements include a License, Services, and Development Agreement (the “Marriott License Agreement”) with Marriott International and a License, Services, and Development Agreement (the “Ritz-Carlton License Agreement”) with The Ritz-Carlton Hotel Company, a subsidiary of Marriott International.
−Removed: Under these long-term license agreements, we are granted the exclusive right, for the terms of the license agreements, to use certain Marriott and Ritz-Carlton marks and intellectual property in our vacation ownership business, the exclusive right to use the Grand Residences by Marriott marks and intellectual property in our residential real estate business, and the non-exclusive right to use certain Ritz-Carlton marks and intellectual property in our residential real estate business.
−Removed: We are also the exclusive licensee for the Sheraton and Westin brands in vacation ownership.
−Removed: Our license agreements for these brands grant us the exclusive right, for the term of the license agreement, to use certain Sheraton and Westin marks and intellectual property in our vacation ownership business, and the right to use the St.
+Added: We have a long-term license agreement with Marriott International under which we are granted the exclusive right, for the term of the license agreement, to use certain Marriott, Sheraton, and Westin marks and intellectual property in our vacation ownership business and to use the Grand Residences by Marriott marks and intellectual property in our residential real estate business.
+Added: Under the license agreement, we also have the right to use the St.
Regis brand for specified fractional ownership products.
−Removed: In addition, we are party to a license agreement with Hyatt that grants us the exclusive global use of the Hyatt brand in connection with the Hyatt Vacation Ownership business.
−Removed: As part of the Welk Acquisition, we acquired a short-term license to use the Welk brand in connection with the continued operations of the Welk business through March 31, 2022.
−Removed: We plan to rebrand all Legacy-Welk resorts as Hyatt-branded resorts in 2023.
−Removed: We operate in a highly competitive industry and our brand names, trademarks, service marks, trade names and logos are very important to the marketing and sales of our products and services.
+Added: We also have a long-term license agreement with The Ritz-Carlton Hotel Company, a subsidiary of Marriott International, under which we are granted the exclusive right, for the term of the license agreement, to use certain Ritz-Carlton marks and intellectual property in our vacation ownership business and the nonexclusive right to use certain Ritz-Carlton marks and intellectual property in our residential real estate business.
+Added: We have a long-term license agreement with Hyatt under which we are granted the exclusive right, for the term of the license agreement, to use certain Hyatt marks and intellectual property in connection with our Hyatt Vacation Ownership business.
+Added: We operate in a highly competitive industry and our brand names, trademarks, trade names, and service marks are very important to the marketing and sales of our products and services.
We believe that our licensed brand names and other intellectual property represent high standards of quality, caring, service and value to our customers and the traveling public.
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Licensor Customer Loyalty Programs
−Removed: Under our affiliation agreements with Marriott International and its affiliates, our owners who are Marriott Bonvoy members generally have the ability to redeem their vacation ownership usage rights to access participating Marriott-, Sheraton-, and Westin-branded properties or other products and services offered through the program.
−Removed: Through our relationship with Hyatt, our owners who are members of the World of Hyatt customer loyalty program generally have the ability to redeem their vacation ownership usage rights to access participating Hyatt-branded properties or other products and services offered through the program.
+Added: Under our affiliation agreements with Marriott International and its affiliates, our owners who are Marriott Bonvoy members generally have the ability to redeem their vacation ownership usage rights to access participating Marriott-, Sheraton-, and Westin-branded properties or other products and services offered through the Marriott Bonvoy program.
+Added: Through our relationship with Hyatt, our owners who are members of the World of Hyatt customer loyalty program generally have the ability to redeem their vacation ownership usage rights to access participating Hyatt-branded properties or other products and services offered through the World of Hyatt program.
Business Strategy
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Drive profitable revenue growth
−Removed: We intend to leverage our powerful mix of trusted hospitality brands and membership programs to continue to generate owner and member growth, and to drive growth in vacation ownership sales, by targeting high-quality inventory that allows us to add desirable new destinations to our systems with new on-site sales locations.
+Added: We intend to leverage our trusted hospitality brands and membership programs to continue to attract new owners and members, and to drive growth in vacation ownership sales, by adding desirable new destinations to our systems with new on-site sales locations.
We expect to continue to generate growth through our integrated platform that provides exclusive access to the world-class loyalty programs of Marriott International and Hyatt.
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We are concentrating on growing our tour flow cost effectively as we seek to grow first-time buyer tours through our strategy that emphasizes new sales locations and new marketing channels, including digital and social media marketing.
−Removed: We also see the use of virtual sales presentations continuing to be a large part of our sales process.
+Added: We also leverage virtual sales presentations as a growing part of our sales process.
We also plan to grow our recurring revenues which tend to be less capital intensive than sales of VOIs.
Our recurring revenues include management of resorts and owners’ associations, financing revenues, and membership, club and other revenues in both our Vacation Ownership and Exchange & Third-Party Management segments.
−Removed: These revenues generally grow as we add new resorts and are more predictable due to the relatively fixed nature of resort operating expenses and, in the case of management and exchange revenues, contractual agreements that typically span many years and are often automatically renewable.
−Removed: Financing revenues are relatively stable as the majority of these revenues generated in any given year come from prior year note originations.
−Removed: We seek to continuously evolve and expand our core product offerings, as demonstrated by the launch of the Marriott Vacation Club Destinations (“MVCD”) points product in 2010 and Abound by Marriott Vacations program in 2022, and through the integration of the Legacy-Welk and Hyatt businesses.
+Added: These revenues generally grow as we add new resorts and are more predictable due to the relatively fixed nature of resort operating expenses and, in the case of management and exchange revenues, contractual agreements that typically span many years and often renew automatically.
+Added: Financing revenues are generally relatively stable as the majority of these revenues generated in any given year come from prior year note originations.
+Added: We seek to continuously evolve and expand our core product offerings, as demonstrated by the launch of the Marriott Vacation Club Destinations points product in 2010 and Abound by Marriott Vacations program in 2022, and through the integration of the Legacy-Welk and Hyatt businesses in 2023.
Additionally, we intend to drive revenue growth in part by targeting a wider array of vacationers through new membership programs and products in adjacent market spaces.
Maximize cash flow by selectively pursuing capital efficient vacation ownership deal structures and business models
−Removed: Through the use of our points-based products, we are able to more closely match inventory investment with sales pace, thereby generating strong cash flows over time.
+Added: Through the use of our points-based products, we are able to more closely align inventory investment with sales pace, thereby generating strong cash flows over time.
Limiting the amount of completed inventory on hand and pursuing capital efficient vacation ownership inventory arrangements enable us to reduce the maintenance fees that we pay on unsold inventory and improve returns on invested capital and liquidity.
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Our business model is designed to deliver steady, consistent cash flow, which is driven in part by our “asset-light” capital efficient framework as we expect to maintain an attractive leverage profile.
−Removed: We believe our access to capital markets and credit facilities will enable us to maintain an attractive leverage profile and level of liquidity that provides financial flexibility, giving us the ability to pursue strategic growth opportunities, withstand potential future economic downturns, optimize our cost of capital, and pursue strategies for returning excess capital to shareholders.
+Added: We believe our access to capital markets and credit facilities will enable us to maintain an attractive leverage profile and level of liquidity that provides financial flexibility, giving us the ability to pursue strategic growth opportunities, withstand potential future economic downturns, optimize our cost of capital, and pursue strategies for returning excess capital to stockholders.
Enhance digital capabilities and data analytics
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We provide high-quality vacation experiences to our owners, members, and guests around the world and we believe that maintaining a high level of engagement across all of our customer groups is key to our success.
−Removed: We intend to maintain and improve their satisfaction with our products and services, which drives incremental sales as customers choose to spend more time at our resorts.
+Added: We intend to maintain and improve owner, member, and guest satisfaction with our products and services, which drives incremental sales as customers choose to spend more time at our resorts.
Because our owners, members, and guests are our most cost-effective vacation ownership sales channels, we intend to continue to leverage our strong customer satisfaction to drive higher margin sales volumes.
−Removed: We seek to continue delivering operational excellence while remaining focused on core customer expectations, which we believe will drive growth and efficiency.
−Removed: As part of the integration of the ILG and Legacy-Welk businesses, the improved customer experience
−Removed: from self-service tools and the streamlining of our business processes through technology, we are able to provide enhanced owner and member experiences.
+Added: We seek to continue delivering operational excellence while remaining focused on core
+Added: customer expectations, which we believe will drive growth and efficiency.
+Added: We continue to strive to improve the experience of our owners, members, and customers through multiple avenues, from self-service tools to streamlining our business processes through technology.
From our earliest days, we have sought to create an inclusive culture that emphasizes warm and welcoming customer service and authentic care for our associates.
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We believe our caring culture unites our associates across a wide range of backgrounds, geographies and experiences.
−Removed: It is this very diversity that make us “Better Together” and that has allowed us to grow and prosper over the years.
+Added: It is this very inclusivity and diversity that make us “Better Together” and that has allowed us to grow and prosper over the years.
Selectively pursue compelling new business opportunities
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A leading global vacation ownership and exchange company
−Removed: We are one of the world’s largest vacation ownership companies, based on number of owners, members, number of resorts and revenues.
−Removed: Since becoming a standalone public company in 2011, our vacation ownership business has nearly doubled in size, from 64 vacation ownership resorts and approximately 420,000 owners to over 120 vacation ownership resorts and approximately 700,000 owner families as of the end of 2022.
−Removed: Our exchange networks and membership programs are comprised of more than 3,200 affiliated resorts and over 1.6 million members, and we also provide management services to over 25 other resorts and lodging properties, as of the end of 2022.
+Added: We are one of the world’s largest vacation ownership companies, based on number of owners, members, and resorts and revenues.
+Added: Since becoming a standalone public company in 2011, our vacation ownership business has grown substantially, from 64 vacation ownership resorts and approximately 420,000 owners to approximately 120 vacation ownership resorts and approximately 700,000 owner families as of December 31, 2023.
+Added: Our exchange network and membership programs are comprised of more than 3,200 affiliated resorts and approximately 1.6 million members, and we also provide management services to 25 other resorts and lodging properties, as of the end of 2023.
We believe our scale and global reach, coupled with our renowned brands and development, marketing, sales, exchange and management expertise, help us achieve operational efficiencies and support future growth opportunities.
Our size allows us to provide owners, members, and guests with the flexibility of a wide variety of experiences within our high-quality resort portfolio, coupled with the ease and certainty of working with a single trusted provider.
−Removed: We also believe our size helps us obtain better financing terms from lenders, achieve operational cost savings from our increased scale, and attract talented management and associates.
−Removed: In the exchange arena, Interval International is the high-quality membership brand that serves as the gateway to premium vacation experiences.
−Removed: Our Interval International network includes members and resorts from our Marriott, Westin, Sheraton and Hyatt products, as well as other high quality branded and independent resorts, that can attract developers and owners’ associations to affiliate with the network and provide exchange opportunities for their owners.
+Added: We also believe our size helps us obtain favorable financing terms from lenders, achieve operational cost savings from our increased scale, and attract talented management and associates.
+Added: In the exchange arena, Interval International’s high-quality membership program, the Interval Network, serves as the gateway to premium vacation experiences.
+Added: Our Interval Network includes members and resorts from our Marriott, Westin, Sheraton and Hyatt products, as well as other high quality branded and independent resorts, that can attract developers and owners’ associations to affiliate with the network and provide exchange opportunities for their owners.
The breadth and depth of our operations enable us to offer a variety of products and to continue to evolve our products to address the changing needs and preferences of our existing and future customers.
−Removed: For example, the tapestry of vacation experiences we offer includes not only traditional resort experiences but also urban experiences at our Marriott Vacation Club Pulse locations, which are unique properties that embrace the spirit and culture of their urban locations.
+Added: For example, the wide range of vacation experiences we offer includes not only traditional resort experiences but also urban experiences at our Marriott Vacation Club Pulse locations, which are unique properties that embrace the spirit and culture of their urban locations.
Premier global brands with access to expansive customer bases
−Removed: We believe that each of our owned or licensed brands - from Marriott Vacation Club to Hyatt Residence Club, from Interval International to Aqua-Aston, from Sheraton Vacation Club to Westin Vacation Club - is a highly respected and widely trusted leader in the travel and hospitality industry.
+Added: We believe that each of our owned or licensed brands — from Marriott Vacation Club to Hyatt Vacation Club, from Interval International to Aqua-Aston, from Sheraton Vacation Club to Westin Vacation Club — is a highly respected and widely trusted leader in the travel and hospitality industry.
We are creating distinct lanes for our brands to grow within.
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Each brand has a unique history and heritage that has enriched our Company immeasurably and that we are building upon to better serve our owners, members, guests, and associates.
−Removed: Through the brands we license from Marriott International for use in vacation ownership, we benefit from exclusive long-term access to members in the Marriott Bonvoy loyalty program, which includes over 177 million members as of December 31, 2022.
+Added: Through the brands we license from Marriott International for use in vacation ownership, we benefit from exclusive long-term access to members in the Marriott Bonvoy loyalty program, which includes approximately 196 million members as of December 31, 2023.
Similarly, through our relationship with Hyatt, we benefit from access to members of Hyatt’s award-winning guest loyalty program, the World of Hyatt, which includes approximately 44 million members as of December 31, 2023.
−Removed: We believe our access to guests with an affinity for our brands aids our marketing efforts and significantly enhances our ability to drive future sales, as we predominantly generate VOI sales through brand loyalty-affiliated sales channels.
−Removed: We expect to continue to leverage our exclusive call transfer
−Removed: arrangements, on-site marketing at Marriott and Hyatt branded hotels, and use of certain exclusive marketing rights to increase sales across all of our Marriott-affiliated and Hyatt-affiliated vacation ownership properties, respectively.
+Added: believe our access to guests with an affinity for our brands aids with our marketing efforts and significantly enhances our ability to drive future sales, as we predominantly generate VOI sales through brand loyalty-affiliated sales channels.
+Added: We expect to continue to leverage our exclusive call transfer arrangements, on-site marketing at Marriott and Hyatt branded hotels, and use of certain exclusive marketing rights to increase sales across all of our Marriott-affiliated and Hyatt-affiliated vacation ownership properties, respectively.
Loyal, highly satisfied customers
We have a large, highly satisfied customer base.
−Removed: Owner and member satisfaction is evidenced both by positive historical survey responses, high levels of engagement that we see in the many customer and associate care stories shared on social media sites, and higher than industry average historical resort occupancy for our Vacation Ownership segment.
+Added: Owner and member satisfaction is evidenced both by a high level of sales to existing owners (approximately 70% of VOI sales in 2023 were to existing owners), as well as positive historical survey responses, high levels of engagement that we see in the many customer and associate care stories shared on social media channels, and higher than industry average current and historical resort occupancy for our Vacation Ownership segment.
We believe that strong customer satisfaction and brand loyalty result in more frequent use of our products, increase in member retention, and encourage owners to purchase additional products and to recommend our products to friends and family, which in turn helps generate higher revenues.
−Removed: Capital efficient business model providing strong free cash flow and financial flexibility
−Removed: We believe that our scale, recurring revenue fee streams and enhanced margin profile will enable us to maintain flexibility for continued organic growth, strategic acquisitions, debt repayment, and return of capital to shareholders.
+Added: Capital efficient business model providing strong cash flow and financial flexibility
+Added: We believe that our scale, recurring revenue fee streams and enhanced margin profile enables us to maintain flexibility for continued organic growth, strategic acquisitions, debt repayment, and return of capital to stockholders.
Our total revenue excluding cost reimbursements derived from sources other than the sale of VOIs has increased and is expected to continue to increase.
−Removed: Our Exchange & Third-Party Management businesses also create ample opportunities to realize recurring higher-margin, fee-based revenue streams with modest required capital expenditures, which we believe will enhance our margins and free cash flow generation over time.
−Removed: We were also among the first of the major hospitality brands to move from a fixed-week, fixed-unit operating model to a points-based system.
+Added: Our Exchange & Third-Party Management businesses also create ample opportunities to realize recurring higher-margin, fee-based revenue streams with modest required capital expenditures, which we believe will enhance our margins and cash flow generation over time.
+Added: We were among the first of the major hospitality brands to move from a fixed-week, fixed-unit operating model to a points-based system.
This critical transition responded directly to consumer demand for greater flexibility and allowed us to tap into the broader membership opportunity afforded by the industry’s exchange businesses.
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We are able to better manage our inventory needs, while achieving top line growth without a need to significantly increase inventory investments.
−Removed: Our disciplined inventory approach and use of capital efficient vacation ownership transaction structures, including working with third parties that develop new inventory or convert previously built units that are sold to us close to when such inventory is needed to support sales, is expected to support strong and stable free cash flow generation.
+Added: Our disciplined inventory approach and use of capital efficient vacation ownership transaction structures, including working with third parties that develop new inventory or convert previously built units that are sold to us close to when such inventory is needed to support sales, is expected to support strong and stable cash flow generation.
Long-standing track record, experienced management and engaged associates
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Since our early days, we have sought to create a culture that emphasizes authentic care for associates.
−Removed: Weisz, who served as our President from 1996 until 2021 and as our Chief Executive Officer since our spin-off from Marriott International in 2011, retired on December 31, 2022 after a combined 50 years with Marriott International and Marriott Vacations Worldwide.
−Removed: As of January 1, 2023, our seasoned management team is led by John E.
−Removed: Geller, Jr., President and Chief Executive Officer.
+Added: Our seasoned management team is led by John E.
+Added: Geller, Jr., who became our Chief Executive Officer at the beginning of 2023.
Geller has served as our President since 2021, and served as our Chief Financial Officer from our spin-off from Marriott International in 2011 until 2021.
−Removed: Shaw, the Chairman of our Board of Directors, is the former Vice Chairman, President and Chief Operating Officer of Marriott International and spent nearly 37 years with Marriott International.
−Removed: Our ten executive officers as of January 1, 2023 have an average of approximately 26 years of total combined experience at Marriott Vacations Worldwide, our subsidiary companies, and Marriott International.
+Added: Shaw, the Chairman of our Board of Directors (the “Board”), is the former Vice Chairman, President and Chief Operating Officer of Marriott International and spent nearly 37 years with Marriott International.
+Added: Our eleven executive committee members as of January 1, 2024 have an average of approximately 21 years of total combined experience at Marriott Vacations Worldwide, our subsidiary companies, and Marriott International.
We believe our management team’s extensive public company and vacation ownership and hospitality industry experience has enabled us to achieve solid operating results and will enable us to continue to respond quickly and effectively to changing market conditions and consumer trends.
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We use an external third-party service provider to regularly survey our associates for feedback.
−Removed: We use the results of our annual engagement surveys to improve the associate experience and to further develop a caring culture that contributes to the long tenure of associates at both leadership and operational levels.
−Removed: In 2022, we were recognized as a Kincentric Best Employer globally as part of Kincentric’s robust assessment that measures associate engagement and identifies organizations that have implemented people practices that drive better business results.
−Removed: As part of the Kincentric Best Employers 2022 assessment, we conducted an associate survey that achieved a 91% response rate, which demonstrated a strong level of overall associate engagement.
−Removed: The survey identified several areas of strength, including inclusion and diversity, department/team leadership, and sustainability (modeling socially and environmentally responsible efforts).
−Removed: We believe that our distinction as a Kincentric Best Employer and our identified strengths demonstrate the incredible care we have for each other and for the associate experience, leading to recognition by current and potential future associates as an employer of choice.
+Added: We use the results of our annual engagement surveys to improve the associate experience and to further develop a caring culture that contributes to the long tenure for both management and hourly associates averaging nearly 12 years and over 6 years, respectively, on a global basis.
VACATION OWNERSHIP SEGMENT
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Our vacation ownership resorts typically combine many of the comforts of home, such as spacious accommodations with one, two and three bedroom options, living and dining areas, in-unit kitchens and laundry facilities, with resort amenities such as large feature swimming pools, restaurants and bars, convenience stores, fitness facilities and spas, as well as sports and recreation facilities appropriate for each resort’s unique location.
−Removed: As of December 31, 2022, our Vacation Ownership segment had over 120 resorts and approximately 700,000 owner families.
+Added: As of December 31, 2023, our Vacation Ownership segment had approximately 120 resorts and approximately 700,000 owner families.
The Vacation Ownership segment represented 94% of our consolidated revenue for 2023.
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Marriott Vacation Club is a collection of upper upscale vacation ownership resorts featuring timeshare villas and other accommodations throughout the U.S., Caribbean, Europe, Asia, and Australia.
−Removed: It’s about vacations with a sense of place and belonging, providing owners and their families with the flexibility to enjoy a wide variety of vacation experiences that are characterized by the consistent high quality and warm hospitality for which the Marriott name is known.
−Removed: Marriott Vacation Club Pulse, a brand extension of Marriott Vacation Club, offers properties in the heart of vibrant cities, including San Francisco and New York City, among others.
+Added: This brand is about vacations with a sense of place and belonging, providing owners and their families with the flexibility to enjoy a wide variety of vacation experiences characterized by the consistent high quality and warm hospitality for which the Marriott name is known.
+Added: Marriott Vacation Club Pulse, a brand extension of Marriott Vacation Club, offers properties in the heart of vibrant cities, such as San Francisco and New York City.
Because of their urban locations, Marriott Vacation Club Pulse properties typically offer limited on-site amenities and may include smaller guest rooms without separate living areas and kitchens.
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Grand Residences by Marriott is dedicated to providing carefree property ownership.
−Removed: The accommodations for this brand are similar to those we offer under the Marriott Vacation Club brand, but the duration of the VOI is longer, ranging between three and thirteen weeks.
−Removed: The Ritz-Carlton Destination Club is a collection of vacation ownership resorts that provide luxurious vacation experiences for members and their families commensurate with the legacy of The Ritz-Carlton brand.
−Removed: The Ritz-Carlton Destination Club resorts include luxury villas and resort amenities that offer inspirational vacation lifestyles tailored to every member’s needs and expectations.
−Removed: The Ritz-Carlton Destination Club resorts typically feature two, three and four bedroom units that usually include marble foyers, walk-in closets, custom kitchen cabinetry and luxury resort amenities such as large feature swimming pools and access to full service restaurants and bars.
+Added: The accommodations for this brand are similar to those offered under the Marriott Vacation Club brand, but the duration of the VOI is longer, ranging between three and thirteen weeks.
+Added: The Ritz-Carlton Club is a collection of vacation ownership resorts that provide luxurious vacation experiences for members and their families commensurate with the legacy of The Ritz-Carlton brand.
+Added: The Ritz-Carlton Club resorts include luxury villas and resort amenities that offer inspirational vacation lifestyles tailored to every member’s needs and expectations.
+Added: The Ritz-Carlton Club resorts typically feature two-, three-, and four-bedroom units that usually include marble foyers, walk-in closets, custom kitchen cabinetry, and luxury resort amenities such as large feature swimming pools and access to full-service restaurants and bars.
On-site management and services, which usually include daily housekeeping service, valet, in-residence dining, and access to fitness facilities, as well as spa and sports facilities as appropriate for each destination, are provided by The Ritz-Carlton Hotel Company.
The Ritz-Carlton Residences is a luxury tier whole ownership residence brand.
−Removed: The Ritz-Carlton Residences includes whole ownership luxury residential condominiums co-located with The Ritz-Carlton Destination Club resorts.
+Added: The Ritz-Carlton Residences includes whole ownership luxury residential condominiums co-located with The Ritz-Carlton Club resorts.
Owners can typically purchase condominiums that vary in size from one-bedroom apartments to spacious penthouses.
−Removed: Owners of The Ritz-Carlton Residences can avail themselves of the services and facilities that are associated with the co-located The Ritz-Carlton Destination Club resort on an a la carte basis.
+Added: Owners of The Ritz-Carlton Residences can avail themselves of the services and facilities that are associated with the co-located The Ritz-Carlton Club resort on an à la carte basis.
On-site management and services are provided by The Ritz-Carlton Hotel Company.
Regis Residence Club and The Luxury Collection offer fractional interests in luxury real estate and distinctive privileges to members who embrace the art of living in unforgettable destinations.
−Removed: For connoisseurs who desire the finest in luxury living, magnificent residences exude the timeless grandeur and glamour synonymous with the illustrious past of the St.
−Removed: Regis brand .
−Removed: Hyatt Residence Club is a collection of vacation ownership resorts with a diverse portfolio of boutique upper upscale residential-style retreats.
−Removed: Set in unique destinations from Maui, Carmel and Aspen to Sedona, San Antonio and Key West, Hyatt Residence Club resorts deliver genuine Hyatt care.
−Removed: In addition, as part of the Welk Acquisition, we plan to rebrand all Legacy-Welk resorts as Hyatt-branded resorts in 2023.
−Removed: The Legacy-Welk resorts are located in highly desirable vacation destinations, including California, Colorado, Missouri, New Mexico and Cabo San Lucas, Mexico, and feature unique sets of amenities and special touches that are designed to make the vacation experience even more meaningful.
+Added: Hyatt Vacation Club is a diverse collection of distinctive family-friendly vacation ownership resorts with residential-style accommodations.
+Added: Hyatt Vacation Club includes properties in highly desirable destinations like Maui, the San Diego area, Cabo San Lucas, Lake Tahoe, Breckenridge, and Key West.
+Added: Offering multiple vacation ownership products, an emphasis on purposeful vacation experiences, and exciting options for global travel, Hyatt Vacation Club provides people with vital opportunities to step back from their hectic lives to reconnect and make lifelong memories.
Products and Services
Points-Based Vacation Ownership Products
−Removed: We sell the majority of our products through points-based ownership programs, including Marriott Vacation Club Destinations, Sheraton Flex, Westin Flex, Westin Aventuras, the Hyatt Residence Club Portfolio Program, and the Hyatt Vacation Club Platinum Program.
+Added: We sell the majority of our products through points-based ownership programs, including Marriott Vacation Club Destinations, Sheraton Flex, Westin Flex, Westin Aventuras, the Hyatt Vacation Club Portfolio Program, and the Hyatt Vacation Club Platinum Program.
Our points-based systems and exchange networks enable owners and members to access a large variety of different vacation experiences.
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In addition to points-based ownership programs that allow owners to access multiple destinations within a single program, we offer points programs at certain resorts, such as in St.
−Removed: John and Hawaii, that allow owners to access that particular single site using points in a similar use fashion to the other points-based products.
+Added: John and Hawaii, that allow owners to access only that particular site using points in a similar fashion to the other points-based products.
Our points programs allow owners to bank and borrow their annual point allotments, access other locations through the applicable internal exchange programs that we operate, and access Interval International’s network of more than 3,200 affiliated resorts.
Owners can trade their vacation ownership usage rights for Marriott Bonvoy points or World of Hyatt points, as applicable, which can be used to access participating hotels or redeemed for airline miles or other merchandise offered through such customer loyalty program.
−Removed: Through our points systems and exchange networks, owners can also use points toward vacation experiences such as a bicycle tour, a culinary journey, an adventure cruise or a once-in-a-lifetime trip to a major sporting event.
+Added: Through our exchange networks and points systems, owners can also use points toward vacation experiences such as a bicycle tour, a culinary journey, an adventure cruise or a once-in-a-lifetime trip to a major sporting event.
Our points-based products offer usage in perpetuity or for a term of years and may consist of real estate interests or a contractual right-to-use.
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Our products include multi-week VOIs in specific Grand Residences by Marriott, St.
−Removed: Regis Residence Club, The Luxury Collection Residence Club, and The Ritz-Carlton Destination Club resorts.
+Added: Regis Residence Club, The Luxury Collection Residence Club, and The Ritz-Carlton Club resorts.
Our weeks-based vacation ownership products in the United States and select Caribbean locations are typically sold as fee simple deeded real estate interests at a specific resort representing an ownership interest in perpetuity, except where restricted by leasehold or other structural limitations.
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Global Exchange Opportunities
−Removed: Most of our vacation ownership products, including our Marriott-, Sheraton-, Westin-, and Hyatt-branded products, are affiliated with the Interval International network, the high-quality membership brand that serves as the gateway to premium vacation experiences.
−Removed: We offer our existing Marriott Vacation Club owners who hold weeks-based products the opportunity to participate, on a voluntary basis, in MVCD, an exchange program through which many of MVCD’s vacation experiences are offered.
−Removed: All existing owners, whether or not they elect to participate in the MVCD exchange program, retain their existing rights and privileges of vacation ownership.
+Added: Most of our vacation ownership products, including our Marriott Vacation Club-, Sheraton Vacation Club-, Westin Vacation Club-, and Hyatt Vacation Club-branded products, are affiliated with the Interval Network, the high-quality membership brand that serves as the gateway to premium vacation experiences.
+Added: In 2022, we launched Abound by Marriott Vacations, an owner benefit and exchange program which affiliates the Marriott Vacation Club-, Sheraton Vacation Club- and Westin Vacation Club- brands to offer similar benefits to owners of our products under these brands.
+Added: Under this program, owners of Marriott Vacation Club, Sheraton Vacation Club and Westin Vacation Club branded VOIs can access over 90 resorts under the Marriott Vacation Club, Sheraton Vacation Club and Westin Vacation Club brands using a common currency.
+Added: The program also harmonizes fee structures and owner benefit levels and has allowed us to transition most of our sales galleries that formerly sold Sheraton Vacation Club and Westin Vacation Club VOIs to sell our Marriott Vacation Club Destinations product, which includes certain Sheraton Vacation Club- and Westin Vacation Club- branded VOIs.
+Added: We offer our existing Marriott Vacation Club owners who hold weeks-based products the opportunity to participate, on a voluntary basis, in an exchange program through which many vacation experiences are offered.
+Added: All existing owners, whether or not they elect to participate in the Abound by Marriott Vacations exchange program, retain their existing rights and privileges of vacation ownership.
Owners who elect to participate in the exchange program receive the ability to trade their weeks-based interval usage for vacation club points usage each year, typically subject to payment of an initial enrollment fee and annual club dues.
−Removed: As of December 31, 2022, approximately 176,000 weeks-based owners have enrolled approximately 275,000 weeks in MVCD’s exchange program, with approximately 247,000 total owners able to use points.
VSN provides Westin Vacation Club and Sheraton Vacation Club owners access to its affiliated resorts as well as the opportunity to exchange their points through the Marriott Bonvoy program to Marriott resorts, through the Interval International network, or for a cruise.
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During this home resort period, they can reserve occupancy based on the season and unit type purchased.
−Removed: As of December 31, 2022, VSN included more than 185,000 members.
−Removed: In August 2022, we launched Abound by Marriott Vacations, a new owner benefit and exchange program which affiliates the Marriott, Sheraton and Westin vacation ownership brands to offer similar benefits to owners of our products under these brands.
−Removed: Under this program, owners of Marriott-, Sheraton- and Westin-branded VOIs can access over 90 resorts under the Marriott Vacation Club, Sheraton Vacation Club and Westin Vacation Club brands using a common currency.
−Removed: The program also harmonizes fee structures and owner benefit levels and allows us to transition most of our Legacy-ILG sales galleries to sell our Marriott Vacation Club Destinations product, which includes certain Sheraton- and Westin-branded VOIs.
−Removed: Hyatt Residence Club provides its owners internal exchange rights among Hyatt Residence Club resorts as well as the opportunity to trade their club points for World of Hyatt points which may be redeemed at participating Hyatt branded properties and the ability to exchange their points through the Interval International network.
−Removed: Owners will receive Hyatt Residence Club points if they have not reserved at their home resort or through its points program during their allotted preference period or if they elect to convert to points earlier.
−Removed: As of December 31, 2022, this points-based membership exchange system served more than 28,000 owners.
Hyatt Vacation Club provides its owners exchange rights through Interval International.
−Removed: Eligible members may also redeem their club points for World of Hyatt points, which may be redeemed at participating Hyatt-branded properties.
+Added: Eligible members may redeem their club points for World of Hyatt points, which may be redeemed at participating Hyatt-branded properties.
+Added: In late 2023, we launched the BEYOND program for Hyatt Vacation Club.
+Added: This program is designed to give owners of Hyatt Vacation Club Platinum or Hyatt Vacation Club Portfolio the opportunity for flexible access to exciting global travel experiences such as cruises, guided tours, and more, while enjoying their ownership benefits and Hyatt Vacation Club resorts.
Sources of Revenue
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In addition, we earn revenue for providing ancillary offerings, including food and beverage, retail, and golf and spa offerings at our resorts.
−Removed: We also receive annual fees, club dues, and certain transaction-based fees from owners and other third parties, including external exchange service providers with which we are associated.
+Added: We also receive annual fees, club dues, and certain transaction-based fees from owners and other third parties, including exchange service providers with which we are associated.
We earn interest income on loans that we provide to purchasers of our VOIs, as well as loan servicing and other fees.
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We sell our upper upscale tier vacation ownership products under our brands primarily through our worldwide network of resort-based sales centers and certain off-site sales locations.
−Removed: Our VOIs are currently marketed for sale throughout the United States and in over 30 countries and territories around the world, targeting customers who vacation regularly with a focus on family, relaxation and recreational activities.
+Added: Our VOIs are currently marketed for sale throughout the United States and in nearly 30 countries and territories around the world, targeting customers who vacation regularly with a focus on family, relaxation and recreational activities.
In 2023, over 90% of our vacation ownership contract sales originated at sales centers that are co-located with one of our resorts.
We maintain a range of different off-site sales centers, including our central telesales organization based in Orlando and our network of third-party brokers in Latin America and Europe.
−Removed: We have more than 90 global sales locations focused on the sale of VOIs.
+Added: We have 90 global sales locations focused on the sale of VOIs.
We utilize a number of marketing channels to attract qualified customers to our sales locations, including digital and social media marketing.
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In addition, we are concentrating on growing our tour flow cost effectively as we seek to generate more first-time buyer tours through our strategy that emphasizes adding new sales locations and new marketing channels, including digital and social media marketing.
−Removed: We also market to existing Marriott and Hyatt customer loyalty program members and travelers who are staying in locations where we have resorts that are affiliated with those brands.
+Added: We also market to existing Marriott and Hyatt customer loyalty program members and travelers who are staying in locations where we have resorts affiliated with those brands.
We market extensively to guests in Marriott International or Hyatt hotels that are located near one of our sales locations.
−Removed: We also market through call transfer arrangements with Marriott International pursuant to which callers to certain of its reservation centers are asked if they would like to be transferred to one of our representatives who can tell them about our products.
+Added: We also market through call transfer arrangements with Marriott International pursuant to which callers to certain reservation centers are asked if they would like to be transferred to one of our representatives who can tell them about our products.
In addition, we operate other local marketing venues in various high-traffic areas.
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From a single week at a fixed location to today’s abundance of getaway options, the range of vacation experiences we offer has undergone a remarkable metamorphosis.
−Removed: The vacation experience we provide today isn’t just about a visit to a resort.
+Added: The vacation experience we provide today is not just about a visit to a resort.
It can be a bicycle tour, a culinary journey, an adventure cruise, or a once-in-a-lifetime trip to a major sporting event.
−Removed: That’s why our sales force is highly trained in a consultative sales approach designed to enable us to meet customers’ needs on an individual basis.
+Added: That is why our sales force is highly trained in a consultative sales approach designed to enable us to meet customers’ needs on an individual basis.
We hire our sales executives based on stringent selection criteria.
−Removed: After they are hired, they spend a minimum of four weeks in product and sales training before interacting with any customers.
−Removed: We manage our sales executives’ consistency of presentation and professionalism using a variety of sales tools and technology and through a post-presentation survey of our guests that measures many aspects of each guest’s interaction with us.
−Removed: We believe consumers place a great deal of trust in the Marriott, Westin, Sheraton, Ritz-Carlton and Hyatt brands and the strength of these brands is important to our ability to attract qualified prospects in the marketplace.
+Added: After they are hired, they spend a minimum of four weeks in product and sales training, of which the final week is typically site-driven and tailored to the learning needs of each respective site and new hire.
+Added: We manage our sales executives’ consistency of presentation and professionalism using a variety of sales tools and technology and through a post-presentation survey of our guests that measures many aspects of each guest’s interactions during the sales process.
+Added: We believe consumers place a great deal of trust in the Marriott, Westin, Sheraton, Ritz-Carlton, St.
+Added: Regis and Hyatt brands and the strength of these brands is important to our ability to attract qualified prospects in the marketplace.
We maintain a prominent presence on the www.marriott.com, www.ritzcarlton.com and www.hyatt.com websites.
−Removed: Our proprietary sites include www.marriottvacationsworldwide.com, www.marriottvacationclub.com, www.ritzcarltonclub.com, www.vistana.com, www.theresidenceclub.com, www.hyattvacationclub.com, and www.hyattresidenceclub.com.
+Added: Our proprietary websites include www.marriottvacationsworldwide.com, www.marriottvacationclubs.com, www.ritzcarltonclub.com, www.theresidenceclub.com, www.grandresidenceclub.com and www.hyattvacationclub.com.
Inventory and Development Activities
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Efficient use of our capital is also achieved through our points-based business model, which allows us to supply many sales locations with new inventory sourced from a small number of resort locations.
−Removed: We intend to continue to selectively pursue growth opportunities primarily in North America by targeting high-quality inventory that allows us to add desirable new destinations to our system with new on-site sales locations in ways that optimize the timing of our capital investments.
+Added: We intend to continue to selectively pursue growth opportunities in North America and Asia Pacific by targeting high-quality inventory that allows us to add desirable new destinations to our system with new on-site sales locations in ways that optimize the timing of our capital investments.
These capital efficient vacation ownership transaction structures may include working with third parties to develop new inventory or to convert previously built units to be sold to us close to when we need such inventory.
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Additionally, many of our VOIs provide us with a right of first refusal on secondary market sales.
−Removed: We monitor sales that occur in the secondary market and exercise our right of first refusal when it is advantageous for us to do so, whether due to pricing, desire for the particular inventory, or other factors.
+Added: We monitor sales that occur in the secondary market and exercise our right of first refusal when it is advantageous for us to do so,
+Added: whether due to pricing, desire for the particular inventory, or other factors.
All owners, whether they purchase directly from us or on the secondary market, are responsible for the annual maintenance fees, property taxes and any assessments that are levied by the relevant owners’ association, as well as any exchange service membership dues or service fees.
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We earn these fees regardless of usage or occupancy.
−Removed: We also receive revenues that represent reimbursement for certain costs we incur under our management agreements, which are principally payroll-related costs at the locations where we employ the associates providing on-site services, and costs associated with property refurbishments.
+Added: We also receive revenues that represent reimbursement for certain costs we incur under our management agreements, which are principally payroll-related costs at the locations where we employ the associates providing on-site services, costs associated with property refurbishments, and insurance.
Cost reimbursements consist of actual expenses with no added margin.
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The owners at such resorts also lose their ability to trade their vacation ownership usage rights for customer loyalty program points and to access other resorts through one of our internal exchange programs.
−Removed: The Ritz-Carlton Hotel Company manages the on-site operations for The Ritz-Carlton Destination Club and The Ritz-Carlton Residences properties in our portfolio under separate management agreements with us.
−Removed: We provide owners’ association governance and vacation ownership program management services for The Ritz-Carlton Destination Club and co-located The Ritz-Carlton Residences properties, including preparing association budgets, facilitating association meetings, billing and collecting maintenance fees, and supporting reservations, vacation experience planning and other off-site member services.
+Added: The Ritz-Carlton Hotel Company manages the on-site operations for The Ritz-Carlton Club and The Ritz-Carlton Residences properties in our portfolio under separate management agreements with us.
+Added: We provide owners’ association governance and vacation ownership program management services for The Ritz-Carlton Club and co-located The Ritz-Carlton Residences properties, including preparing association budgets, facilitating association meetings, billing and collecting maintenance fees, and supporting reservations, vacation experience planning and other off-site member services.
We and The Ritz-Carlton Hotel Company typically split the management fees equally for these resorts.
If a management agreement for a resort expires or is terminated, the resort loses the ability to use the Ritz-Carlton brand and trademarks.
−Removed: The owners at such resorts also lose their ability to access other usage benefits, such as the ability to exchange occupancy for customer loyalty program points, access to accommodations at other The Ritz-Carlton Destination Club resorts, preferential access to Ritz-Carlton hotels worldwide and access to our internal exchange and vacation travel options.
+Added: The owners at such resorts also lose their ability to access other usage benefits, such as the ability to exchange occupancy for customer loyalty program points, access to accommodations at other The Ritz-Carlton Club resorts, preferential access to Ritz-Carlton hotels worldwide and access to our internal exchange and vacation travel options.
Each management agreement requires the owners’ association, trust association or other governing body to provide sufficient funds to pay for the vacation ownership program and operating costs.
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We offer purchase money financing for purchasers of our vacation ownership products who meet our underwriting guidelines.
−Removed: By offering or eliminating financing incentives and modifying underwriting standards, we have been able to increase or decrease the volume of our financing activities depending on market conditions.
−Removed: We are not providing financing to buyers of our residential products.
+Added: By offering or eliminating financing incentives, we have been able to increase or decrease the volume of our financing activities depending on market conditions.
+Added: We do not provide financing to buyers of our residential products.
We generally do not face competition in our consumer financing business to finance sales of vacation ownership products.
−Removed: In 2022, our financing propensity was 54% and the average loan originated by us for vacation ownership products totaled approximately $28,400, which represented 77% of the average purchase price.
+Added: In 2023, our financing propensity was 58% and the average loan originated by us for vacation ownership products totaled approximately $29,200 (such average includes any refinancing by purchasers who upgraded a prior purchase).
For financing on the majority of our VOIs, we require a minimum down payment of 10% of the purchase price, although down payments and interest rates are typically higher for applicants with credit scores below certain levels and for purchasers who do not have credit scores, such as non-U.S.
+Added: resident purchasers.
The average interest rate for originated loans in 2023 was 13.5% and the average term was 12 years.
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These vacation ownership notes receivable securitizations provide funding for us at interest rates similar to those available to companies with investment grade credit ratings, and transfer the economic risks and a significant portion of the benefits of the consumer loans we originate to third parties.
−Removed: In a vacation ownership notes receivable securitization, various classes of debt securities issued by a special purpose entity are generally collateralized by a single tranche of transferred assets, which consist of vacation ownership notes receivable.
+Added: In a vacation ownership notes receivable securitization, several classes of debt securities issued by a special purpose entity are generally collateralized by a single pool of transferred assets, which consist of vacation ownership notes receivable.
During 2023, we completed two securitization transactions, which are discussed in detail in Footnote 15 “Securitized Debt” to our Financial Statements.
−Removed: On an ongoing basis, we have the ability to use our Warehouse Credit Facility to securitize eligible consumer loans derived from certain branded vacation ownership sales.
−Removed: Those loans may later be transferred to term securitization transactions in the ABS market, which we intend to continue to complete at least once per year.
+Added: On an ongoing basis, we have the ability to use our warehouse credit facility (“Warehouse Credit Facility”) to securitize eligible consumer loans derived from certain branded vacation ownership sales.
+Added: Those loans may later be transferred to term securitization transactions in the ABS market, which we intend to continue to complete twice a year.
Since 2000, we have issued approximately $8.9 billion of debt securities in securitization transactions in the ABS market, excluding amounts securitized through warehouse credit facilities or private bank transactions.
We retain the servicing and collection responsibilities for the loans we securitize, for which we receive a servicing fee.
−Removed: As of December 31, 2022, our vacation ownership portfolio consisted of over 120 properties with over 22,000 vacation ownership villas, also referred to as units, and over 31,000 keys in the following locations.
+Added: As of December 31, 2023, our vacation ownership portfolio consisted of approximately 120 properties with over 22,000 vacation ownership villas, also referred to as units, and over 31,000 keys in the following locations.
A “key” is the lowest increment for reporting occupancy statistics based upon the mix of non-lock-off and lock-off villas.
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Massachusetts 1 84 South Carolina 10 1,864
−Removed: Caribbean and Mexico
+Added: Caribbean, Mexico, and Central America
# of Resorts # of Keys # of Resorts # of Keys # of Resorts # of Keys
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Regis Residence Club and The Luxury Collection 3 82
−Removed: Hyatt Residence Club and Legacy-Welk 24 2,836
+Added: Hyatt Vacation Club
Sheraton Kauai Resort Kauai, HI
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Hyatt Highlands Inn Carmel, CA
−Removed: The Branson Hillside Hotel Branson, MO
EXCHANGE & THIRD-PARTY MANAGEMENT SEGMENT
−Removed: Our Exchange & Third-Party Management segment includes exchange networks and membership programs comprised of more than 3,200 affiliated resorts in over 90 countries and territories and over 1.6 million members, as well as provision of management services to over 25 other resorts and lodging properties.
−Removed: We provide these services through our Interval International and Aqua-Aston businesses.
−Removed: The segment revenue generally is fee-based and derived from membership, exchange and rental transactions, owners’ association management, and other related products and services.
−Removed: VRI Americas was part of the Exchange & Third-Party Management segment through the date of sale in April 2022.
+Added: Our Exchange & Third-Party Management segment is comprised of the Interval International and Aqua-Aston businesses.
+Added: The Interval International business offers a variety of membership programs and travel related products to approximately 1.6 million members globally and the Aqua-Aston business provides property management and rental services to property owners at 25 resorts and lodging properties.
+Added: The segment revenue generally is fee-based and derived from membership, exchange and rental transactions, property and owners’ association management, and other related products and services.
The Exchange & Third-Party Management segment represented 6% of our consolidated revenue for 2023.
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TOTAL REVENUES $ 262
−Removed: Exchange Networks and Membership Programs
−Removed: Interval International
−Removed: Interval International is a membership-based exchange program which also provides a comprehensive package of value-added products and services to members and developers.
+Added: Membership Programs, Products and Services
+Added: Exchange Products - Interval Network
+Added: Interval International’s principal membership program is the Interval Network, which is comprised of more than 3,200 affiliated resorts in over 90 countries and territories.
+Added: The Interval Network allows its members to exchange their VOI for a stay at another resort destination or during a different time period, or another travel product.
+Added: A membership in the Interval Network also provides a comprehensive package of value-added products and services to members.
Generally, individuals are enrolled by resort developers in connection with their purchase of VOIs from such resort developers, with initial membership fees being paid on behalf of members by the resort developers.
−Removed: Members may also enroll directly, for instance, when they purchase a VOI through resale or an owners’ association at a resort that participates in the Interval International network.
−Removed: Interval International has established multi-year relationships with resort developers, including leading independent developers and our branded vacation ownership programs, under exclusive affiliation agreements, which typically provide for continued resort participation following the agreement’s term.
−Removed: Our traditional Interval International network members have the option, after their initial membership period ends, to renew their memberships for terms ranging from one to five years and by paying membership fees directly to us.
−Removed: Alternatively, some resort developers incorporate the Interval International network membership fee into certain annual fees they charge to owners of VOIs at their resorts or vacation ownership clubs.
−Removed: As a result, membership in the Interval International network and, where applicable, the Interval Gold, Club Interval, or Interval Platinum program (as described below), for these corporate members is automatically renewed through the period of their resort’s or club’s participation in the Interval International network.
−Removed: As of December 31, 2022, approximately 45% of total Interval International network members were traditional members and approximately 55% were corporate members.
−Removed: Interval International recognizes certain of its eligible Interval International network resorts as either a “Select Resort,” a “Select Boutique Resort,” a “Premier Resort,” a “Premier Boutique Resort,” an “Elite Resort” or an “Elite Boutique Resort” based upon the satisfaction of qualifying criteria, inspection, member feedback, and other resort-specific factors.
−Removed: Over 40% of Interval International network resorts were recognized as a Select, Select Boutique, Premier, Premier Boutique, Elite or Elite Boutique Resort as of December 31, 2022.
−Removed: Products and Services
−Removed: Members are offered the ability to exchange usage rights in their VOI for accommodations which are generally of comparable trading value to those relinquished, based on factors including location, quality, seasonality, unit attributes and time of relinquishment prior to occupancy.
−Removed: We also offer additional vacation rental opportunities to members of the Interval International network and certain other membership or affinity programs at attractive rates through Getaways.
−Removed: Getaways allow members to rent resort accommodations for a fee, plus applicable taxes.
−Removed: Resort accommodations available as Getaways consist of seasonal oversupply of vacation ownership accommodations within the applicable exchange network, as well as resort accommodations we source specifically for use in Getaways.
+Added: Members may also enroll directly, for instance, when they purchase a VOI through resale or an owners’ association at a resort that participates in the Interval Network.
+Added: Our traditional Interval Network members have the option, after their initial membership period ends, to renew their memberships for terms ranging from one to five years by paying membership fees directly to us.
+Added: Alternatively, some resort developers incorporate the Interval Network membership fee into certain annual fees they charge to owners of VOIs at their resorts or vacation ownership clubs.
+Added: As a result, membership in the Interval Network and, where applicable, the Interval Gold, Club Interval, or Interval Platinum programs (each is described below), for those owners is automatically renewed through the term of the resort’s or club’s participation in the Interval Network, so long as the owners are in good standing with the applicable resort or vacation ownership club.
+Added: We sometimes refer to these members as corporate members and other members as traditional members.
+Added: As of December 31, 2023, approximately 42% of total Interval Network members were traditional members and approximately 58% were corporate members.
+Added: Members of the Interval Network are offered the ability to exchange points or usage rights in their VOI for accommodations generally of comparable trading value to those relinquished, based on factors including location, quality, seasonality, unit attributes and time of relinquishment prior to occupancy.
+Added: Members also have the ability to exchange their VOI for a cruise vacation, which requires payment of an exchange transaction fee and a supplemental fee, which vary based on the cruise vacation selected and the VOI relinquished to the Interval Network.
Interval Gold and Interval Platinum
−Removed: Interval International network members may take advantage of one of our two enhanced membership tiers, Interval Gold or Interval Platinum, each of which provides value-added benefits and services for an additional fee.
−Removed: These benefits and services vary by country of residence, but generally consist of discounts on Getaways, a concierge service, a hotel discount program and Interval Options, a service that allows members to relinquish annual occupancy rights in their VOIs towards the purchase of various travel products, including hotel, cruise, golf and spa vacations.
+Added: Interval Network members may take advantage of one of our two enhanced membership tiers, Interval Gold or Interval Platinum, each of which provides value-added benefits and services for an additional fee.
+Added: These benefits and services vary by country of residence, but generally consist of discounts on Getaways (described below), a concierge service, a hotel discount program and Interval Options, a service that allows members to relinquish annual occupancy rights in their VOIs towards the purchase of various travel products, including hotel, golf and spa vacations, as well as cruises, which are made available to all Interval Network members.
Members are enrolled in these programs either by resort developers in connection with the initial purchase of their VOIs or by upgrading their membership directly.
Club Interval
−Removed: This product gives owners of fixed or floating week VOIs the opportunity to use their resort week as points within the Interval International network.
+Added: Club Interval gives owners of fixed or floating week VOIs the opportunity to use their resort week as points within the Interval Network.
Club Interval members also receive all of the benefits of Interval Gold and can upgrade to Interval Platinum.
+Added: We also offer additional vacation rental opportunities at attractive rates to members of the Interval Network, as well as to members of certain other membership programs provided by Interval International or through third-party membership programs.
+Added: We sometimes refer to these opportunities as Getaways.
+Added: Getaways allow members to rent resort accommodations for a fee, plus applicable taxes.
+Added: Resort accommodations available as Getaways consist of seasonal oversupply of vacation ownership accommodations within the Interval Network, as well as resort accommodations that are specifically sourced for use as Getaways.
Non-Exchange Products
−Removed: Interval International’s subsidiary, Worldwide Vacation & Travel, offers two programs, Leisure Time Passport and Dream Vacation Week.
−Removed: Leisure Time Passport is a travel membership program which provides members with a variety of travel and leisure benefits, including savings on resort accommodations, hotel stays, cruise vacations and more.
−Removed: The Leisure Time Passport membership program is used by resort developers as a trial membership program for potential purchasers of vacation ownership products as well as by non-developer clients, as an addition to their own products, which provides ongoing value and customer engagement.
−Removed: Dream Vacation Week is a certificate program which provides the recipient with access to book discounted resort accommodations and is used as a marketing premium, sales incentive, or enhancement to an existing program.
−Removed: Sales and Marketing Support for Interval International Network Resorts
+Added: Additionally, we offer two programs for non-exchange products, Leisure Time Passport and Dream Vacation Week.
+Added: Leisure Time Passport is a travel membership program that provides members with a variety of travel and leisure benefits, including savings on resort accommodations, hotel stays, cruise vacations and the ability to earn loyalty points on eligible completed travel.
+Added: The Leisure Time Passport program is used by resort developers as a trial membership program for potential VOI purchasers as well as by non-developer clients as an addition to their own products to provide ongoing value and customer engagement.
+Added: Dream Vacation Week is a certificate program that provides the recipient with access to book discounted resort accommodations and is used as a marketing premium, sales incentive, or enhancement to an existing program.
+Added: Sales and Operational Support for Interval Network Resorts
+Added: Interval International has established multi-year relationships with resort developers, including leading independent developers, as well as owners’ associations and our related branded vacation ownership programs, under affiliation agreements, which typically provide for continued resort participation in the Interval Network following the end of the agreement’s term.
Resort developers promote membership in our exchange programs and related value-added services as an important benefit of owning a VOI.
−Removed: We offer developers a selection of sales and marketing materials.
+Added: We offer developers and owners’ associations a selection of sales and marketing materials.
These materials, many of which are available in multiple languages, include brochures, publications, sales-office displays, resort directories and Interval HD, an online video channel featuring resort and destination overviews.
−Removed: Operational Support for Interval International Network Resorts
−Removed: Interval International also makes available a comprehensive array of back-office servicing solutions to resort developers and resorts.
−Removed: For example, for an additional fee, we provide reservation services and billing and collection of maintenance fees and other amounts due to developers or owners’ associations.
−Removed: In addition, through consulting arrangements, we assist resort developers in the design of tailored vacation programs for owners of VOIs.
−Removed: Business Development
−Removed: Our exchange businesses maintain corporate and consumer business development departments that are responsible for affiliating new resorts, resort developers, and other businesses with Interval International and implementing marketing strategies.
−Removed: We also develop materials to promote membership participation, exchange opportunities and other value-added services to existing members, as well as for the Interval International business to secure new relationships with resort developers, owners’ associations and resorts, to obtain and retain members, and with other affinity partners, to provide value added travel benefits to their customers.
−Removed: Our consumer marketing efforts revolve around the deepening of new and existing customer relationships and increasing engagement and loyalty of members through a number of channels, including digital distribution utilizing social media channels, to inspire vacations, share stories and promote the vacation ownership lifestyle, as well as direct mail and telemarketing.
−Removed: Interval International also markets products and services to resort developers and other parties in the vacation ownership industry through a series of business development initiatives.
−Removed: Our sales and services personnel proactively seek to establish strong relationships with developers and owners’ associations, providing input on consumer preferences and industry trends based upon years of experience.
+Added: Our business development personnel proactively seek to establish strong relationships with developers and owners’ associations, providing input on consumer preferences and industry trends based upon years of experience.
We believe that we have established a strong reputation within the vacation ownership industry as being highly responsive to the needs of resort developers, owners’ associations, management companies and owners of VOIs.
−Removed: In addition, we sponsor, participate in and attend numerous industry conferences around the world to provide potential and existing industry participants opportunities to network and learn more about vacation ownership.
+Added: In addition, we sponsor, participate in and attend numerous industry conferences around the world to provide potential and existing industry participants with opportunities to network and learn more about vacation ownership.
+Added: Interval International also makes available a comprehensive array of back-office servicing solutions to resort developers and owners’ associations.
+Added: For example, for an additional fee, we provide reservation services and billing and collection of maintenance fees and other amounts due to developers or owners’ associations.
+Added: Business Development and Global Marketing
+Added: We maintain a global business development department that is responsible for affiliating new resorts and resort developers, securing vacation rental inventory for Getaways and establishing relationships with providers of new distribution channels for the Leisure Time Passport and Dream Vacation Week products.
+Added: The department is also responsible for overall client retention and growth of our business.
+Added: Our global marketing department is responsible for business-to-business and business-to-consumer marketing across all brands and products.
+Added: The team is responsible for membership retention, activation and product growth and utilization, and leverages a cross-channel approach to its campaigns, including digital, print, telemarketing, and social media.
+Added: This integrated approach is designed to drive member engagement with, and loyalty to, Interval’s exchange offerings and its other leisure travel products and services.
+Added: Business-to-business marketing responsibilities include developing high impact business development materials, public relations plans, and events designed to enhance Interval International’s reputation within the travel industry, including in new industry segments.
Third-Party Management
−Removed: We provide management services for resorts, hotels, and other third-party vacation property owners through our Aqua-Aston business.
−Removed: Our services may include day-to-day operations of the resorts, maintenance of the resorts, preparation of reports, budgets, owners’ association administration, quality assurance and employee training.
−Removed: As of December 31, 2022, we provided third-party management services to over 25 resorts and lodging properties.
+Added: We provide management services for hotels, condominium resorts, and other third-party vacation property owners through our Aqua-Aston business.
+Added: Our services may include day-to-day operations of the properties, maintenance of the properties, preparation of reports and budgets, owners’ association administration, quality assurance and employee training.
+Added: As of December 31, 2023, we provided third-party management services to 25 properties.
Our Aqua-Aston business provides management and rental services for condominium owners, hotel owners, and owners’ associations.
−Removed: The condominium rental properties are generally investment properties, and, to a lesser extent, second homes, owned by individuals who contract with Aqua‑Aston directly to manage, market and rent their properties, generally pursuant to short‑term agreements.
+Added: The condominium rental properties are generally investment properties, and, to a lesser extent, second homes, owned by individuals who contract with Aqua‑Aston directly to manage, market and rent their properties to transient guests.
We also offer such owners a comprehensive package of marketing, management and rental services designed to enhance rental income and profitability.
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Our in-market sales and marketing team utilizes a variety of sales, marketing, revenue management and digital marketing initiatives to attract consumers and additional properties to Aqua‑Aston.
−Removed: We utilize many channels of distribution, including traditional wholesale through tour operators and travel partners, online travel agencies and global distribution systems.
+Added: We utilize many channels of distribution, including traditional wholesale distribution through tour operators and travel partners, online travel agencies and global distribution systems.
In addition, Aqua‑Aston focuses on driving direct business through brand websites and our central reservations office.
1 unchanged sentence
We offer a variety of leisure accommodations to visitors from around the world through various consumer websites, including www.aquaaston.com, www.aquaresorts.com, www.mauicondo.com, and others.
−Removed: Disposition of VRI Americas
−Removed: On April 29, 2022, we disposed of the VRI Americas business after determining that this business was not a core component of our future growth strategy and operating model.
−Removed: VRI Americas was a component of our Exchange and Third-Party Management segment through the date of the sale.
−Removed: See Footnote 3 “Acquisitions and Dispositions” to our Financial Statements for further information regarding this disposition.
CORPORATE AND OTHER
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Within our Vacation Ownership segment, our sale of vacation ownership business experiences a modest impact from seasonality, with higher sales volumes during the traditional vacation periods.
−Removed: COVID-19 has impacted, and may continue to impact, our typical seasonal patterns.
−Removed: In addition, business at properties in some locations may experience a greater impact from seasonality than those in other locations.
+Added: Business at properties in some locations may experience a greater impact from seasonality than those in other locations.
Within our Exchange & Third-Party Management segment, we recognize exchange and Getaways revenue based on confirmation of the vacation;
1 unchanged sentence
Remaining rental revenue is recognized based on occupancy.
−Removed: Refer to Liquidity within Part I, Item 7.
+Added: Refer to “Liquidity and Capital Resources” within Part I, Item 7.
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” for information regarding the seasonality of our cash flow.
1 unchanged sentence
We believe that our focus on offering distinctive vacation experiences, combined with our financial strength, well-established and diverse market presence, strong brands, expertise and well-managed and maintained properties, will enable us to remain competitive.
−Removed: Vacation ownership is a vacation option that is positioned and sold as an attractive alternative to vacation rentals (such as hotels, resorts and condominium rentals) and second home ownership.
+Added: Vacation ownership is a vacation option that is positioned and sold as an attractive alternative to vacation rentals (such as hotels, resorts and
+Added: condominium rentals) and second home ownership.
The various segments within the vacation ownership industry can be differentiated by the quality level of the accommodations, range of services and ancillary offerings, and price.
3 unchanged sentences
Our luxury vacation ownership products compete with vacation ownership products offered by Four Seasons, Exclusive Resorts, Timbers Resorts and several other smaller independent companies.
−Removed: In addition, the vacation ownership industry competes generally with other vacation rental options (such as hotels, resorts and condominium rentals) offered by the lodging industry as well as alternative lodging marketplaces such as Airbnb, VRBO, and HomeAway, which offer rentals of homes and condominiums.
+Added: In addition, the vacation ownership industry competes generally with other vacation rental options (such as hotels, resorts and condominium rentals) offered by the lodging industry as well as alternative lodging marketplaces such as Airbnb and VRBO, which offer rentals of homes and condominiums.
Innovations that impact the industry may also lead to new products and services that could disrupt our business model and create new and stronger competitors.
4 unchanged sentences
In Europe, our owner base is derived primarily from the North America, Europe and Middle East regions.
−Removed: Recent and potential future consolidation in the highly fragmented vacation ownership industry may increase competition.
+Added: Recent and potential future consolidation in the vacation ownership industry may increase competition.
Consolidation may create competitors that enjoy significant advantages resulting from, among other things, a lower cost of, and greater access to, capital and enhanced operating efficiencies.
17 unchanged sentences
Foreign Corrupt Practices Act (the “FCPA”).
−Removed: The FCPA and similar anti-corruption and bribery laws in other jurisdictions generally prohibit companies and
−Removed: their intermediaries from making improper payments to government officials for the purpose of obtaining or generating business.
−Removed: The collection, use and protection of personal data of our customers, as well as the sharing of our customer data with affiliates and third parties, are governed by privacy laws and regulations enacted in the United States and other jurisdictions around the world.
+Added: The FCPA and similar anti-corruption and bribery laws in other jurisdictions generally prohibit companies and their intermediaries from making improper payments to government officials for the purpose of obtaining or generating business.
+Added: The collection, use and protection of personal data of our customers, as well as the sharing of our customer data with affiliates and third parties, are governed by privacy laws and regulations enacted in the United States, individual states, and other jurisdictions around the world.
Other laws, regulations and policies primarily affect one of five areas of our business:
13 unchanged sentences
Federal Trade Commission (the “FTC”) and state “Little FTC Acts” and other laws and regulations governing unfair, deceptive or abusive acts or practices, including unfair or deceptive trade practices and unfair competition, state attorney general regulations, anti-fraud laws, prize, gift and sweepstakes laws, real estate, title agency or insurance, travel insurance and other licensing or registration laws and regulations, anti-money laundering, consumer information privacy and security, breach notification, information sharing and telemarketing laws, home solicitation sales laws, tour operator laws, lodging certificate and seller of travel laws, securities laws, and other consumer protection laws.
−Removed: Many jurisdictions, including in the United States, Asia Pacific and Europe, require that we file detailed registration or offering statements with regulatory authorities disclosing certain information regarding the VOIs and other real estate interests we market and sell, such as information concerning the interests being offered, any projects, resorts or programs to which the interests relate, applicable condominium or vacation ownership plans, evidence of title, details regarding our business, the purchaser’s rights and obligations with respect to such interests, and a description of the manner in which we intend to offer and advertise such interests.
+Added: Many jurisdictions, including in the United States, Asia Pacific, Mexico, Europe, and Central America, require that we file detailed registration or offering statements with regulatory authorities disclosing certain information regarding the VOIs and other real estate interests we market and sell, such as information concerning the interests being offered, any projects, resorts or programs to which the interests relate, applicable condominium or vacation ownership plans, evidence of title, details regarding our business, the purchaser’s rights and obligations with respect to such interests, and a description of the manner in which we intend to offer and advertise such interests.
Regulation outside the United States includes jurisdictions in which our clubs and resorts operate, such as the European Union, Singapore and Mexico, among others.
12 unchanged sentences
While we continue to be subject to telemarketing risks and potential liability, we believe that our exposure to adverse effects from telemarketing legislation and enforcement is mitigated in some instances by the use of permission-based marketing, under which we obtain the permission of prospective purchasers to contact them in the future.
−Removed: We participate in various programs and follow certain procedures that we believe help reduce the possibility that we contact individuals who have requested to be
−Removed: placed on federal or state “do not call” lists, including subscribing to the federal and certain state “do not call” lists, and maintaining an internal “do not call” list.
+Added: We participate in various programs and follow certain procedures that we believe help reduce the possibility that we contact individuals who have requested to be placed on federal or state “do not call” lists, including subscribing to the federal and certain state “do not call” lists, and maintaining an internal “do not call” list.
Lending Regulation
17 unchanged sentences
and emission or discharge of wastes or other materials.
−Removed: We believe that our management and development of properties comply, in all material respects, with environmental laws and regulations.
−Removed: Our compliance with such provisions has not had a material impact on our capital expenditures, earnings or competitive position, nor do we anticipate that such compliance will have a material impact in the future.
+Added: We believe that our management and development of properties comply, in all material respects, with applicable environmental laws and regulations.
+Added: Our compliance with such requirements has not had a material impact on our capital expenditures, earnings or competitive position, nor do we anticipate that such compliance will have a material impact in the future.
We do not exercise complete control over all resorts and properties that we manage;
rather, our control over these properties is generally limited by the terms of the applicable management agreements.
−Removed: As a result, our ability to achieve some or all of our environmental, social, and governance (“ESG”) initiatives or goals may be limited without additional support or action by the owners of those resorts and properties we manage.
+Added: As a result, our ability to achieve some or all of our corporate responsibility initiatives or goals may be limited without additional support or action by the owners of resorts and properties we manage.
We take our commitment to protecting the environment seriously.
2 unchanged sentences
The Audubon partnership is just one of several programs incorporated into our green initiatives.
−Removed: more than 20 years of energy conservation experience that we have put to use in implementing our environmental strategy across each of our segments.
−Removed: This strategy includes further reducing energy and water consumption, expanding our portfolio of green resorts, including LEED (Leadership in Energy & Environmental Design) certification, educating and inspiring associates and guests to support the environment, and embracing innovation.
+Added: We have more than 20 years of energy conservation experience that we have put to use in implementing our environmental strategy across each of our segments.
+Added: This strategy includes further reducing energy and water consumption, expanding our portfolio of green resorts, including resorts with LEED (Leadership in Energy & Environmental Design) certification, educating and inspiring associates and guests to support the environment, and embracing innovation.
Human Capital
−Removed: We recognize that to remain a leader in our industry, we must recruit, motivate, and retain the talented associates who make up our global workforce.
+Added: We believe that attracting, engaging, and retaining talented associates and cultivating their career development at our locations around the world helps us remain a leader in our industry.
With that focus in mind, we implement programs and initiatives rooted in our Core Values:
Caring Culture, Integrity First, Excellence Always, Customer Obsessed, and Better Together.
−Removed: Our approach is thoughtfully designed to attract, develop, retain, and engage our associates by:
+Added: Our approach is thoughtfully designed to attract, engage, and retain our associates and promote their career development by:
• offering competitive, fair, and transparent compensation and benefits;
• supporting the overall well-being of our associates physically, mentally, and socially;
−Removed: • creating opportunities for associate growth, development, recognition, training, and education;
−Removed: • promoting an inclusive and diverse workplace, where all individuals are respected regardless of their age, race, national origin, gender, religion, disability, sexual orientation, or other lived experiences.
−Removed: As of December 31, 2022, we had a global workforce consisting of approximately 21,400 associates, of which approximately 17,400 (81%) were based in the United States and approximately 4,000 (19%) were based in international locations.
+Added: • creating opportunities for associate growth, career development, recognition, training, and education;
+Added: • fostering an inclusive and diverse workplace, where all individuals are respected regardless of their age, race, ethnic background, national origin, gender, religion, disability, sexual orientation, or other lived experiences.
+Added: In 2023, we were recognized as a Kincentric Best Employer globally for the third consecutive year as part of Kincentric’s robust assessment that identifies organizations that have transformed their people practices to drive better business results.
+Added: As part of the Kincentric Best Employers 2023 assessment, we conducted an associate survey that achieved a 93% response rate, which demonstrated a strong level of overall associate engagement.
+Added: The survey results identified several areas of strength, including a welcoming and positive company culture, strong and supportive supervisors, a focus on sustainability and taking care of the community, and a company-wide commitment to inclusion and diversity.
+Added: We believe that our distinction as a Kincentric Best Employer and our strengths identified by current associates demonstrate the incredible care we have for each other and for the associate experience and will make us an employer of choice for potential future associates.
+Added: We believe the success of our commitment to our associates is reflected in our employee tenure, which is over seven years on a global basis, and recognition by Newsweek as first in its list of America’s Most Loved Workplaces of 2023, as well as first in the hospitality and large-company categories, and first in Newsweek’s “most respected” list.
+Added: In addition, we were certified as a Most Loved Workplace backed by Best Practice Institute in 2022 and 2023 and recognized by U.S.
+Added: News and World Report in its 2023-2024 list of the 200 Best Companies to Work For.
+Added: As of December 31, 2023, we had a global workforce consisting of approximately 22,000 associates, of which approximately 17,500 (80%) were based in the United States.
Inclusion and Diversity
−Removed: As a leisure-focused company, we are in the business of bringing people together.
−Removed: Like our customers, our associates come from diverse backgrounds, offering invaluably distinct experiences and perspectives.
−Removed: Women comprise 54% of our worldwide workforce, and men comprise 46%.
−Removed: Within the United States, people of color comprise 50% of our management level positions and women comprise 49% of our management level positions.
−Removed: We continue to leverage recruiting efforts focused on placing women and people of color into management roles.
−Removed: In 2022, our inclusion and diversity efforts focused on reinforcing our core values by championing an inclusive work environment for our associates and executing key initiatives, including through associate engagement events, feedback mechanisms, and associate training programs.
−Removed: We also continued our work toward increasing diverse representation within our leadership pipelines for executive and senior leadership roles.
−Removed: Our highest rated dimension on our 2022 annual associate engagement survey was associates’ perceptions of inclusion and diversity at 87% based on their assessment of leaders’ support for inclusion and diversity, service to customers with diverse backgrounds, respect and well-being of all people comes first at MVW, a work environment that is accepting of diverse backgrounds and ways of thinking and all backgrounds are encouraged to pursue their career aspirations at MVW.
−Removed: In 2022, the Company adopted its inclusion and diversity commitment statement, which states:
−Removed: MVW is committed to advancing and cultivating inclusion and diversity in all aspects of our business.
−Removed: We provide treasured vacation experiences to our customers around the world, and foster an inclusive, diverse, and caring work environment for our associates.
−Removed: We support a life fulfilled for all individuals and embrace that we are better together.
+Added: Grounded in our culture of caring and collaboration, we strive to empower both our customers and our associates to live their most fulfilling lives.
+Added: As outlined in our Inclusion and Diversity Commitment Statement:
+Added: MVW is committed to cultivating inclusion and fostering diversity in all aspects of our business.
+Added: We provide treasured vacation experiences to our customers around the world and work to create an inclusive, diverse, and caring environment for our associates.
+Added: We support a Life, Fulfilled for all individuals and embrace the notion that we are Better Together.
+Added: Our commitment statement underscores our focus on creating a positive work environment for everyone.
+Added: As a global company with a workforce comprised of talented associates who come from diverse backgrounds, we believe that our associates’ diverse backgrounds make our Company a great place to work.
+Added: Women comprise approximately 54% of our worldwide workforce, and men comprise approximately 46%.
+Added: Within the United States, people of color comprise approximately 46% of our management level positions and globally women comprise approximately 50% of our management level positions.
+Added: We continue to leverage recruiting efforts focused on fostering the diversity of our management team.
+Added: In 2023, we continued to focus on reinforcing our core values by fostering an inclusive and diverse work environment.
+Added: With input from our associates gathered through engagement surveys, as well as championship by leaders across our global organization, we hosted a diverse set of “Educate and Celebrate” events, which provide associates the opportunity to share their personal experiences and learn from their colleagues.
+Added: We also provided training programs for our leaders.
+Added: We continued our work fostering diverse representation within our leadership pipelines for executive and senior leadership roles through our talent review process for management associates across the Company.
+Added: We continue to receive positive feedback from our associates about our inclusive work environment, as Inclusion and Diversity was the highest rated workplace topic on our 2023 annual associate engagement survey.
+Added: In the survey, 89% of our associates reported positive perceptions of our inclusion and diversity practices when responding to questions about leaders’ support for inclusion and diversity, service to customers with diverse backgrounds, respect and well-being of all people as a Company priority, a work environment that is accepting of diverse backgrounds and ways of thinking, and a company culture in which persons of all backgrounds are encouraged to pursue their career aspirations.
+Added: We believe that these results demonstrate the value of championing an inclusive culture.
Associate Development
−Removed: We seek to cultivate a learning-rich environment where associates are prepared to succeed, are encouraged to grow their careers, and are motivated to serve our owners, members, and guests.
−Removed: Our Global Talent Management team develops and deploys programs and resources for all our associates.
−Removed: Our learning programs are one of the many features that make our Company a desirable place to start and cultivate a fulfilling career, with increased opportunities for growth.
−Removed: Our Global Talent Management team is also committed to providing our leaders with the opportunity to develop their leadership skills and equip leaders with the skills they need to create a positive work environment for all associates.
−Removed: We offer a leadership development program that provides associates with tools, resources, and practices that we believe are important to becoming successful leaders and strengthening our diverse talent pipeline.
−Removed: We also offer tuition reimbursement to our associates.
−Removed: We believe that these efforts help us continue to support leaders in building leadership skills for the future.
+Added: We seek to support our associates with their growth and development by creating a work environment that embraces learning and provides opportunities for associate career development through training and education.
+Added: Our functional training teams provide our associates with the skills they need to deliver exceptional experiences for our customers and our Global Talent Development team creates and deploys skill development programs and resources for our associates.
+Added: Our various learning programs are one of the many features that make our Company a desirable place to start and cultivate a fulfilling career, with increased opportunities for growth.
+Added: Our Company also strives to provide leaders with the opportunity to develop their leadership skills and create a positive work environment for all associates.
+Added: We offer leadership development programming that provides associates with tools, resources, and practices that we believe are important to becoming successful leaders and strengthening our diverse talent pipeline.
+Added: We believe that leaders have great influence over the development of associates;
+Added: as such, we seek to equip leaders with the skills they need to support their associates.
+Added: Our Company also offers tuition reimbursement to our associates, supporting them in achieving their future career aspirations.
+Added: We believe these efforts help us continue to support current and future leaders.
Collective Bargaining Agreements
15 unchanged sentences
Name and Title Age Business Experience
−Removed: President and Chief Executive Officer 55 John E.
−Removed: succeeded Mr.
−Removed: Weisz as our President and Chief Executive Officer effective January 1, 2023.
+Added: President and Chief Executive Officer
+Added: was appointed as our President and Chief Executive Officer, effective January 1, 2023.
Geller has served as our President since October 2021.
3 unchanged sentences
Geller joined Marriott International in 2005 as Senior Vice President and Chief Audit Executive and Information Security Officer.
−Removed: Executive Vice President and Chief Financial Officer 55 Anthony E.
−Removed: Terry has served as our Executive Vice President and Chief Financial Officer since October 2021.
−Removed: From July 2005 to September 2021, he served as our Senior Vice President, Global Operational Finance.
−Removed: From October 2001 to June 2005, he served as our Vice President of Product Supply Management.
−Removed: Terry began his career with the Company in 1996.
−Removed: Executive Vice President and Chief Operating Officer, Hyatt Vacation Ownership 51 Stephanie Sobeck Butera has served as our Executive Vice President and Chief Operating Officer, Hyatt Vacation Ownership since January 2023.
+Added: Executive Vice President and Chief Financial Officer
+Added: Marino has served as our Executive Vice President and Chief Financial Officer since September 30, 2023.
+Added: Marino served as Senior Vice President, Strategy, Financial Planning & Analysis (“FP&A”) and Operational Finance - Vacation Ownership for the Company from December 2021 to September 2023.
+Added: He served as the Company’s Senior Vice President of Strategy and FP&A from June 2019 to December 2021 and Vice President - Corporate Finance from May 2014 to June 2019.
+Added: Prior to joining the Company in 2014, Mr.
+Added: Marino worked at Cantor Commercial Real Estate, L.P.
+Added: from 2013 to 2014 as Managing Director, Head of Business Development and Corporate Finance.
+Added: From 2003 to 2013, Mr.
+Added: Marino worked in the investment banking divisions of Cantor Fitzgerald, Credit Suisse Securities (USA) LLC and Bear, Stearns & Co.
+Added: Inc., holding positions of increasing responsibility.
+Added: Executive Vice President and Chief Information Officer
+Added: Bukkapatnam has served as our Executive Vice President and Chief Information Officer since July 10, 2023.
+Added: Prior to joining the Company, Mr.
+Added: Bukkapatnam served as Vice President, Global Technology at Nike, Inc., a global provider of athletic footwear and apparel, from August 2020 to July 2023 where he played a critical role in reshaping digital retail, improving enterprise recourse planning and supply chain platforms, and making significant contributions to productivity, growth, and margin improvements.
+Added: Prior to Nike, Mr.
+Added: Bukkapatnam had a more than 20 year career at Starbucks, a roaster, marketer, and retailer of specialty coffee, serving in multiple leadership roles including Vice President, Global Technology, Supply Chain Analytics, Data Engineering, and Store Development, from March 1999 to August 2020, where he was responsible for overseeing and leading critical functions like global supply chain and finance technologies, data engineering and analytics, and store development.
+Added: He led a number of digital transformation initiatives impacting the company’s technological landscape, including Starbucks’ introduction of customer mobile applications.
+Added: Executive Vice President and Chief Operating Officer, Hyatt Vacation Ownership
+Added: 52 Stephanie S.
+Added: Butera has served as our Executive Vice President and Chief Operating Officer, Hyatt Vacation Ownership since January 2023.
She served as our Senior Vice President and Chief Operating Officer, Hyatt Vacation Ownership from April 2021 to December 2022.
Prior to leading Hyatt Vacation Ownership, Ms.
−Removed: Sobeck Butera held a number of leadership positions with the Company, serving as Vice President, Asset Management for The Ritz-Carlton Destination Club from August 2014 to October 2018, before moving into the position of Senior Vice President, Vacation Ownership for the Americas, Florida, Mexico, and Caribbean from October 2018 to April 2021.
−Removed: Sobeck Butera joined the Company in 1999.
+Added: Butera held a number of leadership positions with the Company, serving as Vice President, Asset Management for The Ritz-Carlton Destination Club from August 2014 to October 2018, before moving into the position of Senior Vice President, Vacation Ownership for the Americas, Florida, Mexico, and Caribbean from October 2018 to April 2021.
+Added: Butera joined the Company in 1999.
Name and Title Age Business Experience
−Removed: Gustafson Executive Vice President and Chief Brand and Digital Officer 39 Lori Gustafson joined the company in November 2020 and serves as our Executive Vice President and Chief Brand and Digital Officer.
−Removed: From May 2019 to November 2020, she served as Senior Vice President, Global Brands & Digital for Wyndham Destinations, where she was responsible for brand management and digital marketing.
+Added: Executive Vice President and Chief Membership and Commercial Services Officer
+Added: Gustafson has served as our Executive Vice President and Chief Membership and Commercial Services Officer since January 2024.
+Added: Gustafson joined the Company in November 2020 and served as our Executive Vice President and Chief Brand and Digital Officer from November 2020 to December 2023.
+Added: From May 2019 to November 2020, she served as Senior Vice President, Global Brands & Digital for Wyndham Destinations, the vacation ownership business segment of Travel + Leisure Co., where she was responsible for brand management and digital marketing.
From January 2018 to May 2019, she served as Vice President, Brand Marketing, where she was responsible for brand management, campaign development and advertising.
3 unchanged sentences
James H Hunter, IV
−Removed: Executive Vice President and General Counsel 60 James H Hunter, IV has served as our Executive Vice President and General Counsel since November 2011.
+Added: Executive Vice President and General Counsel
+Added: 61 James H Hunter, IV has served as our Executive Vice President and General Counsel since November 2011.
Prior to that time, he had served as Senior Vice President and General Counsel since 2006.
Hunter joined Marriott International in 1994.
−Removed: President, Exchange and Third-Party Management 66 Jeanette Marbert has served as our President, Exchange and Third-Party Management since October 2018.
+Added: President, Exchange and Third-Party Management
+Added: 67 Jeanette E.
+Added: Marbert has served as our President, Exchange and Third-Party Management since October 2018.
She served as President and Chief Executive Officer for the Exchange and Rental segment of ILG, Inc.
4 unchanged sentences
Marbert joined Interval in 1984.
−Removed: President, Vacation Ownership 59 Brian E.
+Added: As we reported in a Current Report on Form 8-K filed on December 6, 2023, Ms.
+Added: Marbert announced her decision to retire as our President, Exchange and Third-Party Management in 2024.
+Added: President, Vacation Ownership
Miller has served as our President, Vacation Ownership since October 2020.
3 unchanged sentences
Miller joined the Company in 1991.
−Removed: Executive Vice President and Chief Information Officer 62 Dwight D.
−Removed: Smith has served as our Executive Vice President and Chief Information Officer since December 2011.
−Removed: Prior to that time, he served as our Senior Vice President and Chief Information Officer since 2006.
−Removed: Smith joined Marriott International in 1988.
−Removed: Smith has announced his decision to retire as our Executive Vice President and Chief Information Officer later in 2023.
−Removed: Executive Vice President and Chief Human Resources Officer 64 Michael E.
−Removed: Yonker has served as our Executive Vice President and Chief Human Resources Officer since December 2011.
+Added: Executive Vice President and Chief Human Resources and Global Communications Officer
+Added: 65 Michael E.
+Added: Yonker has served as our Executive Vice President and Chief Human Resources and Global Communications Officer since January 2024.
+Added: Yonker has served as our Executive Vice President and Chief Human Resources Officer from December 2011 to December 2023.
Prior to that time, he served as our Chief Human Resources Officer since 2010.
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.