We are a leading global vacation company that offers vacation ownership, exchange, rental and resort and property management, along with related businesses, products and services.
−Removed: As the first hospitality-branded vacation ownership company, Marriott Vacations Worldwide helped establish the industry and was the first major pure-play independent, public company in the field.
+Added: As the first major hospitality-branded vacation ownership company, Marriott Vacations Worldwide helped establish the industry and was the first major pure-play independent, public company in the field.
Today we are more than a vacation ownership company;
1 unchanged sentence
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 Vacation Club brands, as well as under Marriott Vacation Club Pulse, an extension of the Marriott Vacation Club brand.
+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.
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.
1 unchanged sentence
Regis brand for specified fractional ownership products.
−Removed: In addition, during 2023, we rebranded all Legacy-Welk resorts as Hyatt Vacation Club resorts.
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.
11 unchanged sentences
For many purchasers, vacation ownership provides an attractive alternative to traditional lodging accommodations (such as hotels, resorts and condominium rentals).
−Removed: In addition to avoiding the volatility in room rates to which traditional lodging customers are subject, vacation ownership purchasers enjoy accommodations that are, on average, more than twice the size of traditional hotel rooms and typically have more features, such as kitchens and separate living areas.
+Added: Typically, vacation ownership accommodations are, on average, more than twice the size of traditional hotel rooms and have more features, such as kitchens and separate living areas, than traditional hotel rooms.
Purchasers who might otherwise buy a second home find vacation ownership a preferable alternative because it is more affordable and reduces maintenance and upkeep concerns, and because they are interested in buying a lifetime of vacations.
−Removed: Typically, developers sell VOIs for a fixed purchase price that is paid in full at closing or financed with a loan.
−Removed: Many vacation ownership companies provide financing or facilitate access to third-party bank financing for customers.
Vacation ownership resorts are often operated by a not-for-profit owners’ association of which owners of the VOIs are members.
2 unchanged sentences
The board of the owners’ association, or trustee, as applicable, typically delegates much of the responsibility for managing the resort to a management company, which is often affiliated with the developer.
+Added: 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.
+Added: Typically, developers sell VOIs for a fixed purchase price that is paid in full at closing or financed with a loan.
+Added: Although certain financial institutions participate in the securitization or hypothecation of portfolios of timeshare receivables, financial institutions typically do not finance the purchase of individual timeshare interests.
+Added: As a result, a majority of the sales price is often financed by the developer through a note receivable.
+Added: The note receivable is usually a recourse note secured by the VOI.
+Added: It is common business practice for developers to repossess timeshare interests upon buyer default.
After the initial purchase, most vacation ownership programs require the owner of the VOI to pay an annual maintenance fee.
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,
−Removed: 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.
−Removed: 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.
+Added: 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 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: By locking in their purchase price, vacation ownership purchasers avoid most of the volatility in room rates to which traditional lodging customers are subject because only annual maintenance fees and club dues are subject to inflation.
The vacation ownership industry has grown through expansion of established vacation ownership developers as well as entrance into the market of well-known lodging and entertainment brands, including Marriott, Sheraton, Hilton, Hyatt, Westin and Disney.
2 unchanged sentences
To enhance the flexibility and appeal of their products, many vacation ownership developers affiliate their projects with vacation ownership exchange service providers so that owners may exchange their rights to use the developer’s resorts in which they have purchased an interest for accommodations at other resorts in the exchange service provider’s broader network of properties.
−Removed: The two leading exchange service providers are our subsidiary Interval International, and RCI, LLC, a subsidiary of Travel + Leisure Co.
−Removed: Interval International’s network includes more than 3,200 affiliated resorts, and RCI’s network includes over 4,200 affiliated resorts, as identified on RCI’s website.
+Added: The two leading exchange service providers are our subsidiary Interval International, and RCI, LLC (“RCI”), a subsidiary of Travel + Leisure Co.
According to the American Resort Development Association (“ARDA”), a trade association representing the vacation ownership and resort development industries, as of December 31, 2023, the U.S.
5 unchanged sentences
License Agreements and Intellectual Property
−Removed: 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: We have a long-term license agreement with Marriott International that expires in 2095, subject to renewal, 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.
Under the license agreement, we also have the right to use the St.
1 unchanged sentence
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.
−Removed: 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 have a long-term license agreement with Hyatt that expires in 2093, subject to renewal, 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.
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.
15 unchanged sentences
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 often renew automatically.
+Added: These revenues generally grow as we add new resorts and are more predictable and, in the case of management and exchange revenues, contractual agreements that typically span many years and often renew automatically.
Financing revenues are generally 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 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.
+Added: We seek to 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 and 2024.
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.
4 unchanged sentences
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 stockholders.
+Added: We believe our access to capital markets and credit facilities will enable us to maintain a 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
7 unchanged sentences
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
−Removed: customer expectations, which we believe will drive growth and efficiency.
+Added: We seek to continue delivering operational excellence while remaining focused on core customer expectations, which we believe will drive growth and efficiency.
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.
−Removed: 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.
+Added: From our earliest days, we have sought to create a culture that emphasizes warm and welcoming customer service and authentic care for our associates.
We believe these characteristics give meaning to our vision of helping our customers and associates live their lives to the fullest.
Our core belief is that developing and retaining top talent will foster an innovative culture and strengthen our leadership pipeline, while enabling business growth.
−Removed: We believe our caring culture unites our associates across a wide range of backgrounds, geographies and experiences.
−Removed: It is this very inclusivity and diversity that make us “Better Together” and that has allowed us to grow and prosper over the years.
+Added: We believe our caring culture unites our associates across a wide range of backgrounds, geographies and experiences and make us “Better Together,” allowing us to grow and prosper over the years.
Selectively pursue compelling new business opportunities
−Removed: We are positioned to explore new business opportunities, such as the continued enhancement of our exchange programs, new management affiliations, acquisitions of existing vacation ownership and related businesses, and the creation of new innovative travel-related products that are complementary to our core vacation ownership and exchange company offerings.
+Added: We are positioned to explore new business opportunities, such as acquisitions of existing vacation ownership and related businesses, the continued enhancement of our exchange programs, new management affiliations, and the creation of new innovative travel-related products that are complementary to our core vacation ownership and exchange company offerings.
We intend to selectively pursue these types of opportunities, focusing on those opportunities that drive recurring revenue and profit streams.
4 unchanged sentences
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, 2024.
−Removed: 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.
+Added: Our exchange network and membership programs are comprised of more than 3,200 affiliated resorts and over 1.5 million members, and we also provide management services to 24 other resorts and lodging properties, as of the end of 2024.
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.
4 unchanged sentences
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 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.
+Added: For example, the wide range of vacation experiences we offer includes not only traditional resort experiences but also urban experiences at The Marriott Vacation Clubs City Collection locations, which are unique properties that embrace the spirit and culture of their urban locations.
Premier global brands with access to expansive customer bases
2 unchanged sentences
This careful segmentation is designed to allow each of our brands to reach its full potential, while also giving us diverse paths to growth.
−Removed: 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 approximately 196 million members as of December 31, 2023.
+Added: 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, and guests.
+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 nearly 228 million members as of December 31, 2024.
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 54 million members as of December 31, 2024.
−Removed: 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 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.
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.
1 unchanged sentence
We have a large, highly satisfied customer base.
−Removed: 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.
+Added: Owner and member satisfaction is evidenced both by a high level of sales to existing owners (approximately 70% of VOI sales in 2024 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 consistently 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.
2 unchanged sentences
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 cash flow generation over time.
+Added: Our Exchange & Third-Party Management businesses also create 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.
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.
4 unchanged sentences
Long-standing track record, experienced management and engaged associates
−Removed: We have been a pioneer in the vacation ownership industry since 1984, when Marriott International became the first company to introduce a lodging-branded vacation ownership product.
+Added: We have been a pioneer in the vacation ownership industry since 1984, when Marriott International became the first major hospitality company to introduce a lodging-branded vacation ownership product.
The story of Marriott Vacations Worldwide is one of growth, driven by innovation and exceptional vitality.
4 unchanged sentences
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.
−Removed: 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.
+Added: Our eleven executive committee members as of December 31, 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.
6 unchanged sentences
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 for both management and hourly associates averaging nearly 12 years and over 6 years, respectively, on a global basis.
+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 approximately 12 years and 6 years, respectively, on a global basis.
VACATION OWNERSHIP SEGMENT
16 unchanged sentences
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.
−Removed: 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.
−Removed: 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.
−Removed: Sheraton Vacation Club provides enriching and unexpected vacation experiences in fun family destinations like Florida, South Carolina, and Colorado, with activities that emphasize building and strengthening relationships.
+Added: The Marriott Vacation Clubs City Collection, a brand extension of Marriott Vacation Club, offers properties in the heart of vibrant cities, such as San Francisco and New York City.
+Added: Because of their urban locations, The Marriott Vacation Clubs City Collection properties typically offer limited on-site amenities and may include smaller guest rooms without separate living areas and kitchens.
+Added: Sheraton Vacation Club provides enriching and unexpected vacation experiences in fun family destinations like Florida, South Carolina, Hawaii, Arizona, and Colorado, with activities that emphasize building and strengthening relationships.
This collection of vacation ownership resorts builds on an iconic legacy of trusted hospitality, and brings to life a warm, energetic haven for families to gather and nurture their most precious relationships by allowing owners and guests to relax, play, and experience what the world has to offer.
8 unchanged sentences
The Ritz-Carlton 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 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.
−Removed: 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.
−Removed: 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 Club resorts.
−Removed: 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 Club resort on an à la carte basis.
On-site management and services are provided by The Ritz-Carlton Hotel Company.
+Added: The Ritz-Carlton Residences is a luxury tier whole ownership residence brand and includes whole ownership luxury residential condominiums co-located with The Ritz-Carlton Club resorts.
+Added: 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.
25 unchanged sentences
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.
−Removed: 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.
−Removed: 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: Under this program, owners of Marriott Vacation Club, Sheraton Vacation Club and Westin Vacation Club branded VOIs can access resorts under the Marriott Vacation Club, Sheraton Vacation Club and
+Added: Westin Vacation Club brands using a common currency.
+Added: The program also harmonizes fee structures and owner benefit levels and has allowed us to sell various products at our sales centers.
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.
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.
−Removed: 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.
+Added: Owners who elect to participate in the exchange program receive the ability to trade their weeks-based VOI usage for vacation club points usage each year, typically subject to payment of an initial enrollment fee and annual club dues.
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.
14 unchanged sentences
Our principal source of revenue is the sale of VOIs.
+Added: Our remaining sources of revenue either support the sale of VOIs (such as financing revenue) or are a result of the development and sale of VOIs (such as resort management and other services revenue).
Resort Management and Other Services
2 unchanged sentences
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.
−Removed: We earn interest income on loans that we provide to purchasers of our VOIs, as well as loan servicing and other fees.
We offer financing to qualified customers for the purchase of most types of our vacation ownership products.
+Added: As a result, we earn interest income on loans that we provide to purchasers of our VOIs, as well as loan servicing and other fees.
We generate revenue from rentals of inventory that we hold for sale as interests in our vacation ownership programs or as residences, or inventory that we control because our owners have elected alternative usage options permitted under our vacation ownership programs.
3 unchanged sentences
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 nearly 30 countries and territories around the world, targeting customers who vacation regularly with a focus on family, relaxation and recreational activities.
−Removed: In 2023, over 90% of our vacation ownership contract sales originated at sales centers that are co-located with one of our resorts.
+Added: Our VOIs are currently marketed for sale throughout the United States and in 30 countries and territories around the world, targeting customers who vacation regularly with a focus on family, relaxation and recreational activities.
+Added: In 2024, 91% of our vacation ownership contract sales originated in North America and 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 90 global sales locations focused on the sale of VOIs.
+Added: We have over 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.
−Removed: We solicit our existing owners primarily while they are staying in our resorts, but also offer our owners the opportunity to make additional purchases through direct phone sales, owner events and inquiries from our central customer service centers located in Salt Lake City, Utah, Orlando, Florida, and Palm Springs, California.
+Added: We solicit our existing owners primarily while they are staying in our resorts, but also offer our owners the opportunity to make additional purchases through direct phone sales, owner events and inquiries from our central customer service centers located in Salt Lake City, Utah, Orlando, Florida, and Mexico City, Mexico.
In 2024, approximately 70% of our vacation ownership contract sales were to our existing owners.
−Removed: 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.
+Added: 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.
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.
5 unchanged sentences
These return guests are nearly twice as likely to purchase as a first-time visitor.
−Removed: One of our key areas of focus is expanding our use of social media and digital marketing channels.
−Removed: We are focused on building stronger brand reputation associations via social media audience growth and data driven content marketing.
Our sales tours are designed to provide our guests with an overview of our company and our products, as well as a customized presentation to explain how our products and services can meet their vacationing needs.
−Removed: 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.
The vacation experience we provide today is not just about a visit to a resort.
4 unchanged sentences
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.
−Removed: We believe consumers place a great deal of trust in the Marriott, Westin, Sheraton, Ritz-Carlton, St.
−Removed: Regis and Hyatt brands and the strength of these brands is important to our ability to attract qualified prospects in the marketplace.
−Removed: We maintain a prominent presence on the www.marriott.com, www.ritzcarlton.com and www.hyatt.com websites.
+Added: We believe consumers place a great deal of trust in our brands and the strength of these brands is important to our ability to attract qualified prospects in the marketplace.
+Added: We maintain a presence on the www.marriott.com, www.ritzcarlton.com and www.hyatt.com websites.
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
−Removed: We secure inventory by developing or acquiring inventory at resorts in strategic markets, reacquiring previously sold inventory in the secondary market, reacquiring inventory as a result of owner loan or maintenance fee defaults, or building additional phases at our existing resorts.
+Added: We secure inventory by developing or acquiring inventory in strategic markets, reacquiring previously sold inventory in the secondary market, reacquiring inventory as a result of owner loan or maintenance fee defaults, or building additional phases at our existing resorts.
We proactively buy back previously sold VOIs under our repurchase programs at lower costs than would be required to develop new inventory.
1 unchanged sentence
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.
−Removed: 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.
+Added: 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 to support growth in VOI sales.
Approximately 25% of our Vacation Ownership segment resorts are co-located with same-branded or affiliated hotel properties.
−Removed: Co-location of our resorts with same-branded or affiliated hotels can provide several advantages from development, operations, customer experience and marketing perspectives, including sharing amenities, infrastructure and staff, integration of services, and other cost efficiencies.
+Added: Co-location can provide several advantages from development, operations, customer experience and marketing perspectives, including sharing amenities, infrastructure and staff, integration of services, and other cost efficiencies.
The larger campus of an integrated vacation ownership and hotel resort often can afford our owners more varied and elaborate amenities than those that would generally be available at a stand-alone resort.
9 unchanged sentences
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,
−Removed: 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, 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.
8 unchanged sentences
Many of these agreements renew automatically unless either party provides advance notice of termination before the expiration of the term.
−Removed: When our management agreement for a branded resort is not renewed or is terminated, the resort loses the ability to use the brand and trademarks.
−Removed: 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 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 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.
−Removed: We and The Ritz-Carlton Hotel Company typically split the management fees equally for these resorts.
−Removed: 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 Club resorts, preferential access to Ritz-Carlton hotels worldwide and access to our internal exchange and vacation travel options.
+Added: When our management agreement for a branded resort is not renewed or is terminated, the resort loses the ability to use our relevant brand and trademarks.
+Added: 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 and other vacation travel options through our internal exchange programs.
+Added: In certain locations, affiliates of Marriott International or other third parties manage the on-site operations for properties in our portfolio under separate management agreements with us.
+Added: We provide owners’ association governance and vacation ownership program management services for these 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: We and the on-site manager typically split the management fees for these resorts.
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.
1 unchanged sentence
This fee represents the owner’s allocable share of the costs of operating and maintaining the resorts or interests in the timeshare plan in which they hold a VOI, including management fees and expenses, taxes (in some locations), insurance, and other related costs, and the costs of providing program services (such as reservation services).
−Removed: This fee includes a management fee payable to us for providing management services as well as an assessment for funds to be deposited into a capital asset reserve fund and used to renovate, refurbish and replace furnishings, common areas and other resort assets (such as parking lots or roofs) as needed over time.
+Added: This fee includes a management fee payable to us for providing management services as well as
+Added: an assessment for funds to be deposited into a capital asset reserve fund and used to renovate, refurbish and replace furnishings, common areas and other resort assets (such as parking lots or roofs) as needed over time.
As the owner of completed but unsold vacation ownership inventory, we also pay maintenance fees in accordance with the legal requirements of the jurisdictions applicable to such resorts and programs.
7 unchanged sentences
We generally do not face competition in our consumer financing business to finance sales of vacation ownership products.
−Removed: 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.
resident purchasers.
−Removed: The average interest rate for originated loans in 2023 was 13.5% and the average term was 12 years.
+Added: Existing customers may apply any or all of their existing ownership interests as part of the down payment for additional VOIs (also referred to as an equity upgrade).
Interest rates are fixed and a loan fully amortizes over the life of the loan.
−Removed: The average monthly mortgage payment for an owner who received a loan in 2023 was $449.
We do not impose any prepayment penalties.
4 unchanged sentences
credit reporting agencies that compile and report on a consumer’s credit history.
−Removed: In 2023, the average FICO score of our customers who were U.S.
−Removed: citizens or residents who financed a vacation ownership purchase was 735;
−Removed: 72% had a credit score of over 700, 89% had a credit score of over 650 and 97% had a credit score of over 600.
We use other information to determine minimum down payments and interest rates applicable to loans made to purchasers who do not have a credit score or who do not reside within the United States, such as regional historical default rates and currency fluctuation risk.
+Added: The table below provides information related to loans originated by us for vacation ownership products, including any refinancing by purchasers who upgraded a prior purchase, during each of the last three fiscal years.
+Added: 2024 2023 2022
+Added: Financing propensity
+Added: Average loan amount
+Added: $30,400 $28,600 $28,100
+Added: Average interest rate
+Added: 13.0% 13.1% 13.2%
+Added: Average term (years)
+Added: Average monthly mortgage payment
+Added: $492 $454 $508
+Added: Average FICO score (1)
+Added: % of purchasers with FICO over 700 (1)
+Added: % of purchasers with FICO over 650 (1)
+Added: % of purchasers with FICO over 600 (1)
+Added: (1) FICO scores of our customers who were U.S.
+Added: citizens or residents who financed a vacation ownership purchase and for whom FICO scores were available.
In the event of a default, we generally have the right to foreclose on or revoke the defaulting owner’s VOI.
We typically resell interests that we reacquire through foreclosure or revocation or place such interests into one of our points-based programs.
−Removed: We securitize the majority of the consumer loans we originate in support of our vacation ownership business.
+Added: We securitize the majority of the consumer loans we originate in our vacation ownership business.
Historically, we have sold these loans to institutional investors in the asset-backed securities (“ABS”) market on a non-recourse basis.
3 unchanged sentences
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.
−Removed: Those loans may later be transferred to term securitization transactions in the ABS market, which we intend to continue to complete twice a year.
+Added: Those loans may later be transferred to term securitization transactions in the ABS market, which we intend to continue to complete at least twice a year.
Since 2000, we have issued approximately $10 billion of debt securities in securitization transactions in the ABS market, excluding amounts securitized through warehouse credit facilities or private bank transactions.
50 unchanged sentences
A membership in the Interval Network also provides a comprehensive package of value-added products and services to members.
−Removed: 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.
+Added: Generally, individuals are enrolled in the Interval Network by resort developers in connection with their purchase of VOIs from such resort developers.
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.
−Removed: 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.
−Removed: 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.
−Removed: 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: Additionally, we have relationships with resort developers that 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 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.
We sometimes refer to these members as corporate members and other members as traditional members.
1 unchanged sentence
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.
−Removed: 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.
−Removed: Interval Gold and Interval Platinum
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: Club Interval
−Removed: Club Interval gives owners of fixed or floating week VOIs the opportunity to use their resort week as points within the Interval Network.
−Removed: Club Interval members also receive all of the benefits of Interval Gold and can upgrade to Interval Platinum.
+Added: Members also have the ability to exchange their VOI for a cruise vacation or hotel stay, which requires payment of an exchange transaction fee and a supplemental fee, which vary based on the cruise vacation or hotel stay selected and the VOI relinquished to the Interval Network.
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.
−Removed: We sometimes refer to these opportunities as Getaways.
+Added: We refer to these opportunities as Getaways.
Getaways allow members to rent resort accommodations for a fee, plus applicable taxes.
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.
−Removed: Non-Exchange Products
−Removed: Additionally, we offer two programs for non-exchange products, Leisure Time Passport and Dream Vacation Week.
−Removed: 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.
−Removed: 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.
−Removed: 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.
Sales and Operational Support for Interval Network Resorts
1 unchanged sentence
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 and owners’ associations a selection of sales and marketing materials.
−Removed: 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.
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.
1 unchanged sentence
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.
−Removed: Interval International also makes available a comprehensive array of back-office servicing solutions to resort developers and owners’ associations.
−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: Business Development and Global Marketing
−Removed: 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.
−Removed: The department is also responsible for overall client retention and growth of our business.
−Removed: Our global marketing department is responsible for business-to-business and business-to-consumer marketing across all brands and products.
−Removed: 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.
−Removed: 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.
−Removed: 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
2 unchanged sentences
As of December 31, 2024, we provided third-party management services to 24 properties.
−Removed: 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 to transient guests.
−Removed: We also offer such owners a comprehensive package of marketing, management and rental services designed to enhance rental income and profitability.
+Added: Our Aqua-Aston business, which is concentrated in Hawaii, provides management and rental services for condominium owners, hotel owners, and owners’ associations.
Generally, owners’ association management services, including administrative, fiscal and quality assurance services, are provided pursuant to exclusive agreements with terms typically ranging from one to ten years or more, many of which are automatically renewable.
2 unchanged sentences
Service fee revenue is based on the services provided internally or through third-party providers to owners, including reservation, sales and marketing, property accounting and information technology services.
−Removed: The success and continued growth of the Aqua-Aston business, which is concentrated in Hawaii, depends largely on our ability to source vacationers interested in booking vacation properties made available through our rental services.
−Removed: 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 distribution through tour operators and travel partners, online travel agencies and global distribution systems.
−Removed: In addition, Aqua‑Aston focuses on driving direct business through brand websites and our central reservations office.
−Removed: The sales team covers several market segments from corporate and government/military to travel agents and groups.
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.
12 unchanged sentences
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
−Removed: 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 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.
2 unchanged sentences
In North America, we typically compete with companies that sell upper upscale tier vacation ownership products under a lodging or entertainment brand umbrella, such as Hilton Grand Vacations Club and Disney Vacation Club, as well as numerous regional vacation ownership operators.
−Removed: Our luxury vacation ownership products compete with vacation ownership products offered by Four Seasons, Exclusive Resorts, Timbers Resorts and several other smaller independent companies.
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.
35 unchanged sentences
Our real estate development activities are regulated under a number of different timeshare, condominium and land sales disclosure statutes in many jurisdictions.
−Removed: We are generally subject to laws and regulations typically applicable to real estate development, subdivision, and construction activities, such as laws relating to zoning, land use restrictions, environmental regulation, accessibility, title transfers, title insurance, and taxation.
+Added: We are generally subject to laws and regulations applicable to real estate development, subdivision, and construction activities, such as laws relating to zoning, land use restrictions, environmental regulation, accessibility, title transfers, title insurance, and taxation.
In the United States, these include, with respect to some of our products, the Fair Housing Act and the Americans with Disabilities Act.
13 unchanged sentences
Currently, we are permitted to market and sell vacation ownership products in all 50 states and the District of Columbia in the United States and numerous countries in North and South America, the Caribbean, Europe, Asia and the Middle East.
−Removed: Our Marriott Vacation Club Destinations, Australia points-based program is subject to regulation as a “managed investment scheme” by the Australian Securities & Investments Commission.
+Added: Marriott Vacation Club Destinations, Australia points-based program is subject to regulation as a “managed investment scheme” by the Australian Securities & Investments Commission.
In some countries, our vacation ownership products are marketed by third-party brokers.
33 unchanged sentences
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.
−Removed: 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.
+Added: This strategy includes further reducing energy and water consumption, expanding our portfolio of green resorts, educating and inspiring associates and guests to support the environment, and embracing innovation.
Human Capital
6 unchanged sentences
• creating opportunities for associate growth, career development, recognition, training, and education;
−Removed: • 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.
−Removed: 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.
−Removed: 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: • fostering an inclusive workplace that promotes equal opportunity employment, where all individuals are respected.
+Added: In 2024, we were recognized as a Mercer Best Employer globally for the fourth consecutive year as part of Mercer’s robust assessment that identifies organizations that have transformed their people practices to drive better business results.
+Added: As part of the Mercer Best Employers 2024 assessment, we conducted an associate survey that achieved a 93% response rate, which demonstrated a strong level of overall associate engagement.
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.
−Removed: 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.
−Removed: 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.
−Removed: In addition, we were certified as a Most Loved Workplace backed by Best Practice Institute in 2022 and 2023 and recognized by U.S.
−Removed: News and World Report in its 2023-2024 list of the 200 Best Companies to Work For.
+Added: We believe that our distinction as a Mercer 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 Fortune of our Company in its ranking of the World’s Most Admired Companies for 2025 and 2024, as well as our fifteenth place ranking in the hospitality industry in Newsweek’s list of “America’s Most Responsible Companies for 2025.” In addition, we were named one of Orlando Business Journal’s “Best Places to Work” in 2024.
As of December 31, 2024, we had a global workforce consisting of approximately 22,300 associates, of which approximately 17,500 (79%) were based in the United States.
9 unchanged sentences
Within the United States, people of color comprise approximately 47% of our management level positions and globally women comprise approximately 51% of our management level positions.
−Removed: We continue to leverage recruiting efforts focused on fostering the diversity of our management team.
In 2024, we continued to focus on reinforcing our core values by fostering an inclusive and diverse work environment.
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.
−Removed: We also provided training programs for our leaders.
−Removed: 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 also launched a Veterans Associate Network to foster camaraderie, facilitate professional development opportunities, and support veterans within the Company.
+Added: Additionally, we continued to provide training programs for our leaders, and we continued our work fostering diverse representation within our leadership pipelines for executive and senior leadership roles through our recruiting efforts and talent review process for management associates across the Company.
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 2024 annual associate engagement survey.
14 unchanged sentences
We maintain a Human Rights Policy that aligns with government, business, and public concerns about issues such as human trafficking and the exploitation of children.
−Removed: We do not recruit child labor, and we support programs and partnerships that help at-risk youth and their families prepare for and find meaningful employment.
−Removed: Our Human Rights Policy is available on our website at www.marriottvacationsworldwide.com under the “Investor Relations” tab.
+Added: We support programs and partnerships that help at-risk youth and their families prepare for and find meaningful employment.
+Added: Our Human Rights Policy is available on our website at www.marriottvacationsworldwide.com under the “Our Values” tab.
We also have a human trafficking awareness training course that promotes our Human Rights Policy and core values.
3 unchanged sentences
Available Information
−Removed: Our investor relations website address is www.ir.mvwc.com.
+Added: Our investor relations website address is www.ir.marriottvacationsworldwide.com.
Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, proxy statements, and any and all amendments thereto are available free of charge through our investor relations website as soon as reasonably practicable after they are filed or furnished to the Securities and Exchange Commission (the “SEC”).
28 unchanged sentences
He led a number of digital transformation initiatives impacting the company’s technological landscape, including Starbucks’ introduction of customer mobile applications.
+Added: Name and Title Age Business Experience
Executive Vice President and Chief Operating Officer, Hyatt Vacation Ownership
5 unchanged sentences
Butera joined the Company in 1999.
−Removed: Name and Title Age Business Experience
Executive Vice President and Chief Membership and Commercial Services Officer
8 unchanged sentences
Executive Vice President and General Counsel
−Removed: 61 James H Hunter, IV has served as our Executive Vice President and General Counsel since November 2011.
+Added: 62 James H Hunter, IV has served as our Executive Vice President and General Counsel and as our Corporate Secretary 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
−Removed: 67 Jeanette E.
−Removed: Marbert has served as our President, Exchange and Third-Party Management since October 2018.
−Removed: She served as President and Chief Executive Officer for the Exchange and Rental segment of ILG, Inc.
−Removed: from November 2017 until September 2018, and as Executive Vice President from June 2009 until November 2017.
−Removed: She was Chief Operating Officer of ILG, Inc.
−Removed: from August 2008 to November 2017, and served as a Director of ILG, Inc.
−Removed: from February 2015 to May 2016.
−Removed: Marbert joined Interval in 1984.
−Removed: As we reported in a Current Report on Form 8-K filed on December 6, 2023, Ms.
−Removed: Marbert announced her decision to retire as our President, Exchange and Third-Party Management in 2024.
President, Vacation Ownership
11 unchanged sentences
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.