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Regis brand for specified fractional ownership products.
−Removed: 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.
+Added: Interval International is our high-quality vacation ownership exchange service provider 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.
10 unchanged sentences
For many purchasers, vacation ownership provides an attractive alternative to traditional lodging accommodations (such as hotels, resorts and condominium rentals).
−Removed: 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.
+Added: Vacation ownership accommodations are, on average, more than twice the size of traditional hotel rooms and typically 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.
Vacation ownership resorts are often operated by a not-for-profit owners’ association of which owners of the VOIs are members.
−Removed: Most owners’ associations are governed by a board of directors that includes owners and which may include representatives of the developer.
+Added: Most owners’ associations are governed by a board of directors that includes owners and which may include representatives of the resort developer.
Some vacation ownership resorts are held through a trust structure in which a trustee holds title and manages the property.
−Removed: 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: 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 resort developer.
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.
−Removed: Typically, developers sell VOIs for a fixed purchase price that is paid in full at closing or financed with a loan.
+Added: Typically, resort developers sell VOIs for a fixed purchase price that is paid in full at closing or financed with a loan.
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.
4 unchanged sentences
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 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:
+Added: housekeeping, landscaping, taxes, insurance, and resort labor;
+Added: a property management fee payable to the management company for providing management services;
+Added: 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.
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.
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According to the American Resort Development Association (“ARDA”), a trade association representing the vacation ownership and resort development industries, as of December 31, 2024, the U.S.
−Removed: vacation ownership community was comprised of over 1,500 resorts, representing more than 200,000 units.
+Added: vacation ownership community was comprised of approximately 1,500 resorts, representing nearly 200,000 units.
According to ARDA, sales in the U.S.
market were approximately $10.5 billion in 2024.
−Removed: We believe there is considerable potential for further growth in the industry both in the U.S.
+Added: We believe there is potential for further growth in the industry both in the U.S.
and globally.
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Business Strategy
−Removed: Our strategic goal is to strengthen our leadership position in the vacation industry by further enhancing the vacation experience to help our members and owners live their lives to the fullest.
−Removed: Our core strategies are as follows:
+Added: Our strategic goal is to excel in the vacation industry by further enhancing the vacation experience for our owners and guests of every type.
Drive profitable revenue growth
−Removed: 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.
−Removed: 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.
−Removed: We will also continue to focus on our approximately 700,000 owner families around the world.
−Removed: 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 leverage virtual sales presentations as a growing part of our sales process.
−Removed: We also plan to grow our recurring revenues, which tend to be less capital intensive than sales of VOIs.
−Removed: 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 and, in the case of management and exchange revenues, contractual agreements that typically span many years and often renew automatically.
−Removed: 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 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.
−Removed: 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.
−Removed: 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 align inventory investment with sales pace, thereby generating strong cash flows over time.
−Removed: 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.
−Removed: In addition, we reacquire previously sold VOIs at lower costs than would be required to develop new inventory, which increases margins on our sales of VOIs.
−Removed: 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 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.
+Added: We intend to drive long-term growth by leveraging our trusted hospitality brands and membership programs to attract new owners and members and expand revenues in an overall cost-efficient manner.
+Added: We may selectively add desirable destinations with new on-site sales centers to our portfolio utilizing our integrated platform.
+Added: This utilizes access to the loyalty programs of Marriott International and Hyatt.
+Added: We also intend to continue to focus on further engaging with our global base of approximately 700,000 owner families.
+Added: We seek to increase sales efficiency by growing high‑quality tour flow and volume per guest (“VPG”) through a mix of existing and emerging marketing channels, including digital and social media, while expanding the use of remote sales presentations to address evolving consumer preferences.
+Added: We may also seek to grow new lead and tour sources which may have different efficiency models but are intended to grow revenues and profitability.
+Added: In addition, we aim to expand recurring revenues, which are generally less capital intensive than VOI sales.
+Added: Recurring revenues include resort and owners’ association management, financing, and membership and club fees.
+Added: These revenues are expected to grow as VOIs are sold and benefit from greater predictability, supported by long‑term contractual arrangements for management and exchange services and the predictability of financing revenues, which are primarily derived from note originations in prior years.
+Added: Although demand for our Exchange and Third‑Party Management businesses has softened over the past five years, this segment continues to generate recurring, higher‑margin fee income with modest capital requirements.
+Added: We intend to continue evolving our core product offerings and driving revenue growth by expanding membership programs and leisure travel products and services that complement our current business to address changing consumer preferences to increase our capture of leisure travel wallet share.
+Added: Drive cash flow by better matching inventory and sales levels, selectively pursuing capital efficient vacation ownership deal structures and business models, and regularly monitoring our asset base for any appropriate dispositions
+Added: We seek to grow cash flow and improve returns on invested capital by proactively reducing inventory holdings.
+Added: By leveraging our points‑based products, we have the ability to better align inventory investment with sales pace, reduce maintenance fees associated with unsold inventory, and generate strong, sustainable cash flows over time.
+Added: In addition, we may selectively reacquire previously sold vacation ownership interests at costs below those necessary to develop new inventory, which can enhance margins on subsequent VOI sales.
+Added: Our business model is designed to deliver steady and consistent cash flow, supported by an asset‑light, capital‑efficient framework that seeks to achieve a balanced leverage profile.
+Added: We believe our access to capital markets and credit facilities, together with our ability to monetize certain non-core assets, provides sufficient liquidity and financial flexibility to support strategic growth initiatives, manage potential economic downturns, optimize our cost of capital, and return excess capital to stockholders.
Enhance digital capabilities and data analytics
−Removed: A key area of focus for us is the expansion of digital tools to drive more efficient digital marketing and enhance user experience for our owners and members of our exchange and other membership programs.
−Removed: We believe there is much more innovation and growth to come, and we intend to build efficiencies in our cost of service delivery and to facilitate access to our portfolio of brands with new digital tools.
−Removed: We are actively building and enhancing customer facing digital platforms to support existing and future products by enabling customers to transact online across all of our brands with respect to all of our products.
−Removed: In addition, we are focused on using data to facilitate the use of advanced analytics to improve efficiency, enhance customer experiences, improve targeted marketing, and increase profitability.
+Added: We are focused on expanding our digital capabilities to drive more efficient marketing activities and enhance the experience of our owners and members across our vacation ownership, exchange and other membership programs.
+Added: We believe innovation in digital tools presents meaningful opportunities to improve operating efficiency, customer engagement, and long‑term growth.
+Added: We are investing in the development and enhancement of customer‑facing digital platforms to support our existing and future product offerings, including enabling customers to transact online via self-service capabilities across our portfolio of brands and products.
+Added: In addition, we are leveraging data and advanced analytics to improve operational efficiency, enhance the customer experience, refine targeted marketing efforts, and drive increased profitability.
Focus on the satisfaction of our owners, members, and guests as well as the engagement of our associates
−Removed: 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 owner, member, and guest satisfaction with our products and services, which drives incremental sales as customers choose to spend more time at our resorts.
−Removed: 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: 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 a culture that emphasizes warm and welcoming customer service and authentic care for our associates.
−Removed: We believe these characteristics give meaning to our vision of helping our customers and associates live their lives to the fullest.
−Removed: 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 and make us “Better Together,” allowing us to grow and prosper over the years.
+Added: We seek to deliver high‑quality vacation experiences to our owners, members, and guests worldwide, and we believe that sustained engagement across these customer groups is fundamental to our long‑term success.
+Added: Our strategy is centered on maintaining and enhancing owner, member, and guest satisfaction through consistent service quality, operational excellence, and continuous improvement in our products and offerings.
+Added: Higher customer satisfaction can support incremental sales growth, as engaged customers elect to spend more time at our resorts and participate more actively in our programs.
+Added: Because existing owners, members, and guests represent our most cost‑effective source of vacation ownership sales, we intend to continue leveraging strong satisfaction levels to drive higher‑margin sales volumes.
+Added: We remain focused on delivering operational excellence while aligning our services and experiences with core customer expectations, which we believe will support sustainable growth and improved efficiency.
+Added: In addition, we continue to enhance the customer experience through a combination of expanded self‑service capabilities and the ongoing streamlining of business processes enabled by technology.
+Added: We also believe that our associates play a critical role in delivering exceptional customer experiences and executing our strategy.
+Added: From our inception, we have emphasized a culture grounded in welcoming service and authentic care for both customers and associates.
+Added: Our commitment to attracting, developing, engaging, and retaining a diverse pool of top talent is intended to foster innovation, strengthen our leadership pipeline, and support long‑term business growth.
Selectively pursue compelling new business opportunities
−Removed: 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.
−Removed: We intend to selectively pursue these types of opportunities, focusing on those opportunities that drive recurring revenue and profit streams.
−Removed: Prior to entering into any new business opportunity, we will evaluate its strategic fit and assess whether it is complementary to our current business, has strong expected financial returns and complements our existing culture and competencies.
+Added: We selectively evaluate and pursue strategic growth opportunities that are complementary to our core vacation ownership and exchange businesses.
+Added: These opportunities may include acquisitions of existing vacation ownership and related businesses, enhancements to our exchange programs, new management affiliations, and the development of innovative leisure travel‑related products and services.
+Added: In assessing potential opportunities, we focus on those that are expected to generate recurring revenue streams and sustainable profitability with modest capital requirements.
+Added: Before entering into any new business opportunity, we conduct a disciplined evaluation of its strategic fit, including an assessment of its alignment with our existing operations, brand portfolio, culture, and core competencies, as well as expected financial returns.
+Added: We may pursue opportunities that we believe can enhance long‑term stockholder value while maintaining our capital‑efficient operating model and balanced risk profile.
Competitive Strengths
−Removed: 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, and resorts and revenues.
−Removed: 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 over 1.5 million members, and we also provide management services to 24 other resorts and lodging properties, as of the end of 2024.
−Removed: 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.
−Removed: 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 favorable 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’s high-quality membership program, the Interval Network, serves as the gateway to premium vacation experiences.
−Removed: 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.
−Removed: 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 The Marriott Vacation Clubs City Collection locations, which are unique properties that embrace the spirit and culture of their urban locations.
−Removed: 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 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.
−Removed: We are creating distinct lanes for our brands to grow within.
−Removed: 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, and guests.
+Added: Global scale, diversified platform, and strong brand access
+Added: We are one of the world’s largest vacation ownership and exchange companies based on the number of owners, members, resorts, and revenues.
+Added: Since becoming a standalone public company in 2011, our vacation ownership business has expanded from 64 resorts serving approximately 420,000 owners to 120 resorts serving approximately 700,000 owner families as of December 31, 2025.
+Added: Our exchange network and membership programs include more than 3,200 affiliated resorts and 1.5 million members, and we also provide management services to 23 other resorts and lodging properties as of the end of 2025.
+Added: Our global scale, diversified portfolio, and integrated capabilities across development, marketing, sales, exchange, and resort management support operational efficiencies, cost advantages, and long‑term growth.
+Added: These strengths enable us to offer a broad range of high‑quality vacation experiences across traditional resort destinations and select urban offerings, while supporting a balanced leverage profile and our ability to attract and retain experienced management and associates.
+Added: Through our owned and licensed brands and long‑term relationships with Marriott International and Hyatt, we benefit from exclusive access to large, established loyalty programs, including Marriott Bonvoy and World of Hyatt.
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 271 million members as of December 31, 2025.
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 63 million members as of December 31, 2025.
−Removed: 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.
−Removed: 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.
−Removed: Loyal, highly satisfied customers
−Removed: 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 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.
−Removed: 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 cash flow and financial flexibility
−Removed: 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.
−Removed: 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 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.
−Removed: 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.
−Removed: 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.
−Removed: Our points-based vacation ownership products allow us to utilize capital efficient structures and maintain long-term sales locations without the need to construct additional units at each location.
−Removed: 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 cash flow generation.
−Removed: Long-standing track record, experienced management and engaged associates
+Added: Access to these brand‑affiliated customers enhances marketing efficiency and supports future sales, as a substantial portion of our VOI sales are generated through brand‑loyalty channels.
+Added: Within our exchange business, Interval International’s high‑quality membership program, the Interval Network, provides access to premium vacation experiences and includes resorts and members from Marriott, Westin, Sheraton, and Hyatt branded products, as well as other high‑quality branded and independent resorts, making it an attractive platform for developers and owners’ associations.
+Added: Loyal and highly satisfied customer base
+Added: We benefit from a large and highly satisfied customer base, as evidenced by strong repeat purchasing behavior, with approximately 70% of VOI sales in 2025 generated from existing owners, which typically carry lower sales and marketing costs than those for new owners.
+Added: High customer satisfaction is further reflected in consistent, favorable historical survey results, sustained engagement across customer and associate care channels, and consistently above‑industry‑average resort occupancy levels within our Vacation Ownership segment.
+Added: We believe this customer loyalty supports increased product utilization, higher retention rates, incremental product purchases, and referral activity, which collectively contribute to revenue growth.
+Added: Capital-efficient business model generating strong cash flow and financial flexibility
+Added: Our scale, recurring fee‑based revenue streams, and enhanced margin profile provide meaningful financial flexibility to support organic growth, strategic acquisitions, debt reduction, and return of capital to stockholders.
+Added: Vacation Ownership segment revenue derived from sources other than VOI sales, excluding cost reimbursements, has consistently increased annually since 2020 and is expected to continue to grow in both the short and long term.
+Added: Although demand for our Exchange and Third‑Party Management businesses has moderated over the past five years, this segment continues to generate recurring, higher‑margin fee income with modest capital requirements.
+Added: Available inventory and future commitments are sufficient to support sales operations without significant incremental development, enabling growth while limiting investment to reacquire low cost previously sold VOIs.
+Added: Our intended disciplined use of third‑party development and demand‑aligned acquisitions and our willingness to divest of excess inventory is expected to support stable cash flow generation.
+Added: Long-standing track record, experienced management, and engaged associates driving customer loyalty
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.
−Removed: The story of Marriott Vacations Worldwide is one of growth, driven by innovation and exceptional vitality.
Since our early days, we have sought to create a culture that emphasizes authentic care for associates.
−Removed: Our seasoned management team is led by John E.
−Removed: Geller, Jr., who became our Chief Executive Officer at the beginning of 2023.
−Removed: 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.
+Added: Our seasoned management team is led by Matthew E.
+Added: Avril, who became our Chief Executive Officer on February 16, 2026.
+Added: He previously served as our interim President and Chief Executive Officer since November 2025 and has been a member of our Board of Directors since March 2025.
+Added: Avril has over 30 years of executive leadership experience in the hospitality and vacation ownership industry, including serving as Chief Executive Officer of Diamond Resorts International, Inc.
+Added: (a hospitality and vacation ownership company) from November 2016 to March 2017.
+Added: Prior to that, he was Chief Executive Officer-elect for Vistana Signature Experiences, Inc.
+Added: (a vacation ownership business) from February 2015 to May 2016, after his retirement as President, Hotel Group for Starwood Hotels & Resorts Worldwide, Inc., (a publicly traded hotel and leisure company) – a position he held from September 2008 to December 2012.
+Added: Avril has served in a number of executive leadership positions with Starwood and held various senior leadership positions with Vistana.
+Added: Additionally, Michael A.
+Added: Flaskey joined as our President and Chief Operating Officer on February 16, 2026.
+Added: He is a seasoned vacation and hospitality executive with more than 25 years of leadership experience.
+Added: Most recently, Mr.
+Added: Flaskey served as Chief Executive Officer and a member of the Board of Directors of Hornblower Group (a leading maritime hospitality company) from August 2024 to January 2026.
+Added: Prior to that he spent more than a decade leading Diamond Group International, including serving as Chief Executive Officer from 2017 to 2021, where he led a transformation that ultimately culminated in the sale of the company to Hilton Grand Vacations.
+Added: Flaskey has served in senior executive leadership roles with Starwood Vacation Ownership and Fairfield Resorts (now Travel + Leisure), where he developed deep expertise across brand, sales, marketing, operations and resort management functions.
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 December 31, 2024 have an average of approximately 21 years of total combined experience at Marriott Vacations Worldwide, our subsidiary companies, and Marriott International.
−Removed: 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.
−Removed: Our management team’s experience in the highly regulated vacation ownership industry also provides us with a competitive advantage in expanding existing product forms and developing new ones.
−Removed: Engaged associates delivering high levels of customer service driving repeat customers
−Removed: We believe that our associates provide superior customer service and this dedication to serving the customer enhances our competitive position.
−Removed: A significant portion of our vacation ownership contract sales are historically to existing owners, which enables them to enjoy longer stays and have greater flexibility in their vacation choices.
−Removed: Sales to existing owners typically have significantly lower sales and marketing costs than sales to new owners.
−Removed: We leverage high levels of associate engagement and a strong corporate culture to deliver positive customer experiences in sales, marketing, exchange, management, and resort operations.
−Removed: 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 approximately 12 years and 6 years, respectively, on a global basis.
+Added: Our management team has extensive public company, vacation ownership, and hospitality experience, enabling effective responses to changing market conditions and consumer preferences.
+Added: This expertise in a highly regulated industry supports the expansion of existing offerings and the development of new products.
+Added: In addition, we believe our ability and willingness to attract and integrate talent from both within and outside the industry, including executive talent that can expand the experience of our leadership team, enhances our capacity to innovate and adapt.
+Added: We believe our associates deliver high‑quality customer service that strengthens our competitive position.
+Added: We leverage associate engagement and a strong corporate culture to consistently deliver positive customer experiences across sales, marketing, exchange, management, and resort operations.
VACATION OWNERSHIP SEGMENT
1 unchanged sentence
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, 2024, our Vacation Ownership segment had approximately 120 resorts and approximately 700,000 owner families.
+Added: As of December 31, 2025, our Vacation Ownership segment had 120 resorts and approximately 700,000 owner families.
The Vacation Ownership segment represented 95% of our consolidated revenue for 2025.
7 unchanged sentences
TOTAL REVENUES $ 4,805
−Removed: Built upon a single hospitality brand at the time of our founding, Marriott Vacations Worldwide has grown into a multi-branded organization with a broad, diverse portfolio of immersive vacation and leisure destinations.
−Removed: Our portfolio includes a rich tapestry of some of the world’s most iconic, widely recognized and respected hospitality and travel brands.
−Removed: We design, build, manage and maintain properties at upper upscale and luxury levels primarily under the following brands:
−Removed: 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: 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: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: Sheraton Vacation Club upper upscale vacation ownership resorts are part of the Vistana Signature Network (“VSN”).
−Removed: Westin Vacation Club is a collection of vacation ownership resorts located in some of the most sought-after destinations and designed with living well in mind.
−Removed: From the world-renowned Heavenly Bed to an energizing WestinWORKOUT and revitalizing experiences, every element of a vacation stay is created to leave owners and guests feeling better than when they arrived.
−Removed: Westin Vacation Club upper upscale vacation ownership resorts are part of VSN.
−Removed: Grand Residences by Marriott provides vacation ownership through fractional real estate and whole ownership offerings.
−Removed: Grand Residences by Marriott is dedicated to providing carefree property ownership.
−Removed: 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.
−Removed: 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.
−Removed: 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: On-site management and services are provided by The Ritz-Carlton Hotel Company.
−Removed: 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.
−Removed: On-site management and services are provided by The Ritz-Carlton Hotel Company.
−Removed: 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: Hyatt Vacation Club is a diverse collection of distinctive family-friendly vacation ownership resorts with residential-style accommodations.
−Removed: Hyatt Vacation Club includes properties in highly desirable destinations like Maui, the San Diego area, Cabo San Lucas, Lake Tahoe, Breckenridge, and Key West.
−Removed: 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.
+Added: Founded as a single‑brand hospitality company, Marriott Vacations Worldwide has evolved into a multi‑branded organization with a diversified portfolio of vacation and leisure destinations.
+Added: The Company designs, develops, manages, and maintains properties operating primarily in the upper‑upscale and luxury segments of the hospitality industry.
+Added: Brands Licensed from Marriott International
+Added: We offer vacation ownership products in the upper upscale segment through the following brands, which provide timeshare villas and other accommodations across the United States, the Caribbean, Mexico, Europe, Asia and Australia:
+Added: Marriott Vacation Club
+Added: Sheraton Vacation Club
+Added: Westin Vacation Club
+Added: In addition, we operate a portfolio of luxury tier vacation ownership resorts in the United States, the Caribbean, and the United Kingdom under brands that generally feature longer duration VOIs, ranging from three to thirteen weeks.
+Added: These brands include:
+Added: Grand Residences by Marriott
+Added: The Ritz-Carlton Club
+Added: Regis Residence Club
+Added: The Luxury Collection
+Added: Our luxury tier whole ownership residential offerings include residential condominiums co-located with The Ritz-Carlton Club resorts in the United States.
+Added: On-site management and services at both The Ritz-Carlton Club and The Ritz-Carlton Residences are provided by The Ritz-Carlton Hotel Company.
+Added: Brand Licensed from Hyatt
+Added: Hyatt Vacation Club is a collection of upper upscale vacation ownership resorts offering timeshare villas located in the United States and Mexico.
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 Vacation Club Portfolio Program, and the Hyatt Vacation Club Platinum Program.
+Added: We sell the majority of our products through points-based ownership programs affiliated with the Marriott and Hyatt brands.
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 traditional resort stays, the programs enable our owners to exchange their points for a wide variety of innovative vacation experiences, which may include cruises, airline travel, guided tours, safaris and other unique vacation alternatives.
−Removed: Owners who are members of our points-based programs typically pay annual fees in exchange for the ability to participate in the program.
+Added: Owners who are members of our
+Added: points-based programs typically pay annual fees in exchange for the ability to participate in the program.
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.
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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.
−Removed: 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.
+Added: Owners who are Marriott Bonvoy or World of Hyatt customer loyalty program members can exchange 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 or rewards offered through such customer loyalty programs.
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.
−Removed: 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.
+Added: Our points-based products offer usage in perpetuity or for a specified term of years and may consist of real estate interests or a contractual right-to-use.
Weeks-Based Vacation Ownership Products
−Removed: We continue to sell Marriott-, Westin-, Sheraton- and Hyatt-branded weeks-based vacation ownership products in select markets, including in countries where legal and tax constraints currently limit our ability to include those locations in one of our existing points-based programs.
+Added: We continue to sell weeks-based vacation ownership products in select markets, including in countries where legal and tax constraints currently limit our ability to include those locations in one of our existing points-based programs.
Our products include multi-week VOIs in specific Grand Residences by Marriott, St.
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Global Exchange Opportunities
−Removed: 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.
−Removed: 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 resorts under the Marriott Vacation Club, Sheraton Vacation Club and
−Removed: Westin Vacation Club brands using a common currency.
−Removed: The program also harmonizes fee structures and owner benefit levels and has allowed us to sell various products at our sales centers.
+Added: Most of our vacation ownership products, including our Marriott and Hyatt -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, which allows us 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 resorts under the Marriott Vacation Club, Sheraton Vacation Club and Westin Vacation Club brands using a common currency.
+Added: The program harmonized fee structures and owner benefit levels between these brands 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.
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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.
−Removed: 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.
+Added: 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 for access to Marriott vacation ownership resorts, through the Interval International network, or for a cruise.
Based on the point value of the home resort interest owned, customers can choose other VSN affiliated resorts, the type of villa, the date of travel and the length of stay.
−Removed: VSN members have a priority period in which they have exclusive reservation rights for the related resort or points program without competition from other network members.
−Removed: During this home resort period, they can reserve occupancy based on the season and unit type purchased.
+Added: VSN members have a home resort priority period in which they have exclusive reservation rights for the related resort or points program without competition from other network members.
+Added: During this home resort priority period, they can reserve occupancy based on the season and unit type purchased.
Hyatt Vacation Club provides its owners exchange rights through Interval International.
−Removed: Eligible members may 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 vacation ownership and hotel properties.
In late 2023, we launched the BEYOND program for Hyatt Vacation Club.
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Our principal source of revenue is the sale of VOIs.
−Removed: 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).
+Added: Our remaining sources of revenue either support and/or are derived from 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
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In 2025, 90% 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.
−Removed: 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 over 90 global sales locations focused on the sale of VOIs.
+Added: We maintain a range of different off-site sales centers, including our central telesales organization based in Orlando, offsite galleries in Singapore and Japan, and our network of third-party brokers in Latin America and Europe.
+Added: We have approximately 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 2025, 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.
+Added: In addition, we are concentrating on growing our high-quality tour flow and VPGs cost effectively through new and existing 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.
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In addition, we operate other local marketing venues in various high-traffic areas.
−Removed: A significant part of our direct marketing activities is focused on prospects in the Marriott and Hyatt customer loyalty program databases and our in-house databases of qualified prospects.
+Added: A significant part of our direct marketing activities is focused on members in the Marriott and Hyatt customer loyalty program databases and our in-house databases of qualified prospective customers.
We offer guests who do not buy a VOI during their initial tour the opportunity to purchase a return package for a future stay at our resorts.
−Removed: These return guests are nearly twice as likely to purchase as a first-time visitor.
+Added: These return guests have historically and consistently been nearly twice as likely to purchase a VOI as a first-time visitor.
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.
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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 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.
+Added: We may selectively pursue growth opportunities by targeting high-quality inventory that allows us to selectively 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 to support growth in VOI sales.
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In exchange for a management fee, we typically provide owner account management (reservations and usage selection), housekeeping, check-in, maintenance and billing and collections services.
−Removed: The management fee is typically based on either a percentage of the budgeted costs to operate such resorts or a fixed fee arrangement.
−Removed: 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, costs associated with property refurbishments, and insurance.
+Added: The management fee is typically based on either a percentage of the budgeted costs to operate the applicable resort or a fixed fee arrangement.
+Added: We earn these fees independent of usage or occupancy.
+Added: We also receive revenues that represent reimbursement for certain costs we incur under our management agreements, which costs are principally payroll-related costs at the locations where we employ the associates providing on-site services (such as housekeeping or landscaping), costs associated with property refurbishments (including those where we act as the project manager), and insurance costs.
Cost reimbursements consist of actual expenses with no added margin.
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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.
−Removed: We and the on-site manager typically split the management fees for these resorts.
+Added: We and the on-site property 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.
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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
−Removed: 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 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.
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If an owner defaults in payment of maintenance fees or other assessments, the owners’ association typically has the right to foreclose on or revoke the defaulting owner’s VOI.
−Removed: We have arrangements with several owners’ associations to assist in reselling foreclosed or revoked VOIs in exchange for a fee, or to reacquire such foreclosed or revoked VOIs from the owners’ associations.
+Added: We have arrangements with the majority of our vacation ownership property owners’ associations in North America to assist in reselling foreclosed or revoked VOIs in exchange for a fee, or to reacquire such foreclosed or revoked VOIs from the owners’ associations.
+Added: These arrangements are generally cancellable within 30 to 45 days notice.
Consumer Financing
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The interest rates on the loans we provide are based primarily upon the purchaser’s credit score, the size of the purchase, and the term of the loan.
−Removed: We base our financing terms largely on a purchaser’s FICO score, which is a branded version of a consumer credit score widely used in the United States by banks and lending institutions.
+Added: We base our financing terms largely on a purchaser’s Fair Isaac Corporation credit score (“FICO”), which is a branded version of a consumer credit score widely used in the United States by banks and lending institutions.
FICO scores range from 300 to 850 and are calculated based on information obtained from one or more of the three major U.S.
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Average FICO score (1)
−Removed: % of purchasers with FICO over 700 (1)
−Removed: % of purchasers with FICO over 650 (1)
−Removed: % of purchasers with FICO over 600 (1)
+Added: % of purchasers with FICO score over 700 (1)
+Added: % of purchasers with FICO score over 650 (1)
+Added: % of purchasers with FICO score over 600 (1)
(1) FICO scores of our customers who were U.S.
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We retain the servicing and collection responsibilities for the loans we securitize, for which we receive a servicing fee.
−Removed: As of December 31, 2024, 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.
+Added: As of December 31, 2025, our vacation ownership portfolio consisted of 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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Sheraton Kauai Resort Kauai, HI
−Removed: The Westin Resort & Spa, Cancun Cancun, Mexico
+Added: The Westin Resort & Spa, Cancun (1)
+Added: Cancun, Mexico
Hyatt Highlands Inn Carmel, CA
+Added: (1) We sold this hotel in January 2026.
EXCHANGE & THIRD-PARTY MANAGEMENT SEGMENT
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A membership in the Interval Network also provides a comprehensive package of value-added products and services to members.
−Removed: Generally, individuals are enrolled in the Interval Network by resort developers in connection with their purchase of VOIs from such 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 Network.
−Removed: 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: Generally, individuals are enrolled in the Interval Network at the point of sale by resort developers in connection with their purchase of VOIs.
+Added: Members may also self-enroll when they purchase a VOI through resale or an owners’ association at a resort that participates in the Interval Network.
+Added: Additionally, Interval International has 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.
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.
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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 refer to these opportunities as Getaways.
−Removed: Getaways allow members to rent resort accommodations for a fee, plus applicable taxes.
+Added: These opportunities are offered as “Getaways” and 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.
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As of December 31, 2025, we provided third-party management services to 23 properties.
−Removed: Our Aqua-Aston business, which is concentrated in Hawaii, provides management and rental services for condominium owners, hotel owners, and owners’ associations.
−Removed: 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.
+Added: Our Aqua-Aston business, which is concentrated in Hawaii, provides management and rental services for individual condominium owners, hotel owners, and owners’ associations.
+Added: 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 fifteen years or more, many of which are automatically renewable.
Revenue is derived principally from fees for management of the hotel, condominium resort, or owners’ association as well as related rental services.
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Business at properties in some locations may experience a greater impact from seasonality than those in other locations.
−Removed: Within our Exchange & Third-Party Management segment, we recognize exchange and Getaways revenue based on confirmation of the vacation;
+Added: Within our Exchange & Third-Party Management segment, we recognize exchange and non-refundable Getaways revenue based on confirmation of the vacation;
revenue is generally higher in the first quarter and lower in the fourth quarter.
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Where possible, our vacation ownership properties in these regions are co-located with Marriott International branded hotels.
−Removed: In Asia Pacific, our owner base is derived primarily from the Asia Pacific region and secondarily from the Europe and North America regions.
+Added: In Asia Pacific, our owner base is derived primarily from the Asia Pacific region.
In Europe, our owner base is derived primarily from the North America, Europe and Middle East regions.
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and the continuity of management and its strategic relationships within the industry.
−Removed: Our business is heavily regulated and compliance with regulations has a significant impact on our results of operations.
+Added: Our business is heavily regulated and the cost of compliance has a significant impact on our results of operations.
We are subject to a wide variety of complex international, national, federal, state and local laws, regulations and policies in jurisdictions around the world.
−Removed: We have proactively worked with industry trade associations, including ARDA, to encourage the enactment of responsible consumer-protection legislation and state regulation that enhances the reputation and respectability of the overall vacation ownership industry.
+Added: We have proactively worked with industry trade associations, including ARDA, to encourage the enactment of responsible consumer-protection legislation and state regulation that enhance the reputation and respectability of the overall vacation ownership industry.
We believe that, over time, our vacation ownership products and services helped improve the public perception of the vacation ownership industry.
−Removed: Some laws, regulations and policies may impact multiple areas of our business, such as securities, anti-discrimination, anti-fraud, Americans with Disabilities Act, data protection and security, anti-corruption and bribery laws and regulations or government economic sanctions, including applicable regulations of the Consumer Financial Protection Bureau (the “CFPB”), the U.S.
+Added: Some laws, regulations and policies may impact multiple areas of our business, such as securities, anti-discrimination, anti-fraud, access for those with disabilities, data protection and security, artificial intelligence, anti-corruption and bribery laws and regulations or government economic sanctions, including applicable regulations of the Consumer Financial Protection Bureau (the “CFPB”), the U.S.
Department of the Treasury’s Office of Foreign Asset Control and the U.S.
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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.
−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, individual states, and other jurisdictions around the world.
+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, security, and artificial intelligence 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:
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In the United States, these include, with respect to some of our products, the Fair Housing Act and the Americans with Disabilities Act.
−Removed: In addition, we are subject to laws in some jurisdictions that impose liability on property developers for construction defects discovered or repairs made by future owners of property developed by the developer.
+Added: In addition, we are
+Added: subject to laws in some jurisdictions that impose liability on property developers for construction defects discovered or repairs made by future owners of property developed by the developer.
Marketing and Sales Regulation
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These laws and regulations include the USA PATRIOT Act, Foreign Investment In Real Property Tax Act, the Federal Interstate Land Sales Full Disclosure Act and fair housing statutes, U.S.
−Removed: 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, 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.
+Added: 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, anti-discrimination, 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.
+Added: Many jurisdictions, including those 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.
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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: Marriott Vacation Club Destinations, Australia points-based program is subject to regulation as a “managed investment scheme” by the Australian Securities & Investments Commission.
+Added: Our 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.
−Removed: Laws in many jurisdictions in which we sell VOIs grant the purchaser of a VOI the right to cancel a purchase contract during a specified rescission period following the later of the date the contract was signed or the date the purchaser received the last of the documents required to be provided by us.
−Removed: Regulators in many jurisdictions have increased regulations and enforcement actions related to telemarketing operations, including requiring adherence to the federal Telephone Consumer Protection Act and similar “do not call” legislation.
−Removed: These measures have significantly increased the costs and reduced the efficiencies associated with telemarketing.
+Added: Laws in many jurisdictions in which we sell VOIs grant the purchaser of a VOI the right to cancel a purchase contract during a specified rescission period following the later of the date the contract was signed or the date the purchaser received the last of the documents we are required to provide.
+Added: Many jurisdictions regulate telemarketing operations, including requiring adherence to the federal Telephone Consumer Protection Act and similar “do not call” legislation.
+Added: These measures significantly increase the costs and reduce the efficiencies associated with telemarketing.
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.
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These laws and regulations, some of which contain exceptions applicable to the timeshare industry or may not apply to some of our products, may include, among others, the Real Estate Settlement Procedures Act and Regulation X, the Truth In Lending Act and Regulation Z, the Federal Trade Commission Act, the Equal Credit Opportunity Act and Regulation B, the Fair Credit Reporting Act, the Fair Housing Act and implementing regulations, the Fair Debt Collection Practices Act, the Electronic Funds Transfer Act and Regulation E, unfair, deceptive or abusive acts or practices regulations and the Consumer Protection Act, the USA PATRIOT Act, the Right to Financial Privacy Act, the Gramm-Leach-Bliley Act, the Servicemembers Civil Relief Act and the Bank Secrecy Act.
−Removed: Our lending activities are also subject to the laws and regulations of other jurisdictions, including, among others, laws and regulations related to consumer loans, retail installment contracts, mortgage lending, usury, fair debt collection practices, consumer debt collection practices, mortgage disclosure, lender or mortgage loan originator licensing and registration and anti-money laundering.
+Added: activities are also subject to the laws and regulations of other jurisdictions, including, among others, laws and regulations related to consumer loans, retail installment contracts, mortgage lending, usury, fair debt collection practices, consumer debt collection practices, mortgage disclosure, lender or mortgage loan originator licensing and registration and anti-money laundering.
Resort Management Regulation
−Removed: Our resort management activities are subject to laws and regulations regarding community association management, timeshare and condominium management (including real estate broker licensing), public lodging, food and beverage services (including liquor licensing), labor, employment, health care, health and safety, accessibility, discrimination, immigration, gaming, certain communication devices, transient rentals, structural audits of improvements and reserve accounts associated with such improvements, and the environment (including climate change).
+Added: Our resort management activities are subject to laws and regulations regarding community association management, timeshare and condominium management (including real estate broker licensing), public lodging, food and beverage services (including liquor licensing), labor, employment, health care, health and safety, accessibility, anti-discrimination, immigration, gaming, certain communication devices, transient rentals, structural audits of improvements and reserve accounts associated with such improvements, and the environment (including climate change).
In addition, many jurisdictions in which we manage our resorts have statutory provisions that limit the duration of the initial and renewal terms of our management agreements for owners’ associations or permit the owners’ association for a resort to terminate our management agreement under certain circumstances (for example, upon a super-majority vote of the owners), even if we are not in default under the agreement.
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Environmental Compliance and Awareness
−Removed: The properties we manage or develop are subject to national, state and local laws and regulations that govern the discharge of materials into the environment or otherwise relate to protecting the environment.
+Added: Our property management and development activities are subject to national, state and local laws and regulations that govern the discharge of materials into the environment or otherwise relate to protecting the environment.
These laws and regulations include requirements that address health and safety;
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We take our commitment to protecting the environment seriously.
−Removed: We have collaborated with Audubon International to further the “greening” of our Marriott Vacation Club resorts in the U.S.
−Removed: through the Audubon Green Leaf Eco-Rating Program for Hotels.
−Removed: The Audubon partnership is just one of several programs incorporated into our green initiatives.
+Added: In such work, we balance our role as stewards of the funds of the owners’ associations we manage and the role of steward of the environments where we do business.
+Added: For example, we have collaborated with Audubon International to further the “greening” of our Marriott Vacation Club resorts in the U.S.
+Added: through our initiatives such as the Audubon Green Leaf Eco-Rating Program for Hotels.
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.
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• fostering an inclusive workplace that promotes equal opportunity employment, where all individuals are respected.
−Removed: 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.
−Removed: 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.
−Removed: 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: In 2025, we were recognized as a Mercer Best Employer in five out of our six eligible countries (United States, United Kingdom, France, Mexico, and Spain) 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 2025 assessment, we conducted an associate survey that achieved a 92% response rate and an 81% overall engagement score, 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 fostering a culture of inclusion.
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.
−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 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.
+Added: We believe the success of our commitment to our associates is reflected in our employee tenure, which is approximately eight years on a global basis, and recognition by Fortune of our Company in its ranking of the World’s Most Admired Companies for 2025, as well as our fifteenth place ranking in the hospitality industry in Newsweek’s list of “America’s Most Responsible Companies for 2025” and being named in Newsweek’s list of “America’s Greatest Workplaces for Inclusion and Diversity for 2025.”
As of December 31, 2025, we had a global workforce consisting of approximately 21,100 associates, of which approximately 16,200 (77%) were based in the United States.
−Removed: Inclusion and Diversity
+Added: Inclusive Culture
Grounded in our culture of caring and collaboration, we strive to empower both our customers and our associates to live their most fulfilling lives.
−Removed: As outlined in our Inclusion and Diversity Commitment Statement:
−Removed: MVW is committed to cultivating inclusion and fostering diversity in all aspects of our business.
−Removed: We provide treasured vacation experiences to our customers around the world and work to create an inclusive, diverse, and caring environment for our associates.
−Removed: We support a Life, Fulfilled for all individuals and embrace the notion that we are Better Together.
−Removed: Our commitment statement underscores our focus on creating a positive work environment for everyone.
−Removed: 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.
−Removed: Women comprise approximately 54% of our worldwide workforce, and men comprise approximately 46%.
−Removed: 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: In 2024, we continued to focus on reinforcing our core values by fostering an inclusive and diverse work environment.
−Removed: 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 launched a Veterans Associate Network to foster camaraderie, facilitate professional development opportunities, and support veterans within the Company.
−Removed: 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.
−Removed: 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.
−Removed: 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: For example, we develop and offer programs like our Veterans Associate Network (VAN), which provides a supportive and empowering community for associates who currently serve or have served in the U.S.
+Added: Armed Forces.
+Added: We continue to receive positive feedback from our associates about our inclusive work environment, as our Inclusive Culture Index was the highest rated workplace topic on our 2025 annual associate engagement survey.
+Added: In the survey, 88% of our associates reported positive perceptions when responding to questions about leaders’ support for inclusion, 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.
We believe that these results demonstrate the value of championing an inclusive culture.
4 unchanged sentences
Our Company also strives to provide leaders with the opportunity to develop their leadership skills and create a positive work environment for all associates.
−Removed: 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 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
+Added: talent pipeline.
We believe that leaders have great influence over the development of associates;
15 unchanged sentences
These materials are also accessible on the SEC’s website at www.sec.gov.
+Added: We also routinely post important information, including news releases, announcements and other statements about our business and results of operations, that may be deemed material to investors on our investor relations website.
+Added: We use our website as a means of disclosing material, nonpublic information and for complying with our disclosure obligations under Regulation FD.
+Added: Investors should monitor our investor relations website in addition to following our press releases, filings with the SEC, public conference calls and webcasts.
Information About Our Executive Officers
2 unchanged sentences
Name and Title Age Business Experience
−Removed: President and Chief Executive Officer
−Removed: was appointed as our President and Chief Executive Officer, effective January 1, 2023.
−Removed: Geller has served as our President since October 2021.
−Removed: From January 2021 to October 2021, he served as our President and Chief Financial Officer.
−Removed: From January 2018 to January 2021, he served as our Executive Vice President and Chief Financial and Administrative Officer.
−Removed: From 2009 to December 2017, he served as our Executive Vice President and Chief Financial Officer.
−Removed: Geller joined Marriott International in 2005 as Senior Vice President and Chief Audit Executive and Information Security Officer.
+Added: Chief Executive Officer
+Added: 65 Matthew E.
+Added: Avril was appointed as our Chief Executive Officer effective February 16, 2026.
+Added: He previously served as our interim President and Chief Executive Officer from November 10, 2025 until his appointment as Chief Executive Officer.
+Added: Avril has been a member of our Board since March 2025.
+Added: Avril was a self-employed consultant from March 2017 to November 2025.
+Added: He previously served as Chief Executive Officer of Diamond Resorts International, Inc., a hospitality and vacation ownership company, from November 2016 to March 2017.
+Added: Prior to that, Mr.
+Added: Avril served as Chief Executive Officer-elect for Vistana Signature Experiences, Inc.
+Added: (“Vistana”), a vacation ownership business, from February 2015 to May 2016, after his retirement as President, Hotel Group for Starwood Hotels & Resorts Worldwide, Inc., a publicly traded hotel and leisure company (“Starwood”), a position he held from September 2008 to December 2012.
+Added: Before that, from 2002 to 2008, he served in a number of executive leadership positions with Starwood, and from 1989 to 1998, held various senior leadership positions with Vistana including President and Managing Director of Operations.
+Added: Avril previously served as a director and Chairman of the Board of Babcock & Wilcox Enterprises, Inc., a public company focused on clean energy, environmental technologies, and industrial power generation, from 2018 to 2022.
+Added: Name and Title Age Business Experience
+Added: President and Chief Operating Officer 58 Michael A.
+Added: Flaskey was appointed as our President and Chief Operating Officer effective February 16, 2026.
+Added: Flaskey served as Chief Executive Officer and a member of the Board of Directors of maritime hospitality company Hornblower Group from August 2024 to January 2026.
+Added: Flaskey served as a Senior Advisor for McKinsey and Company, a private management consulting firm, between fall 2023 and August 2024.
+Added: Between July 2021 and July 2024, Mr.
+Added: Flaskey was the Chief Executive Officer of Mike Flaskey Entertainment, a private full-service sports, music and entertainment company, of which Mr.
+Added: Flaskey is also the founder and Chairman.
+Added: Prior to that, he spent more than a decade at Diamond Resorts International, including serving as Chief Executive Officer from 2017 to 2021, where he led the sale of the company to Hilton Grand Vacations.
+Added: Earlier in his career, Mr.
+Added: Flaskey held senior executive leadership roles with Starwood Vacation Ownership and Fairfield Resorts (now Wyndham Vacation Ownership, the vacation ownership business segment of Travel + Leisure Co.), where he developed deep expertise across brand, sales, marketing, operations and resort management functions.
Executive Vice President and Chief Financial Officer
4 unchanged sentences
Marino worked at Cantor Commercial Real Estate, L.P.
−Removed: from 2013 to 2014 as Managing Director, Head of Business Development and Corporate Finance.
−Removed: From 2003 to 2013, Mr.
−Removed: Marino worked in the investment banking divisions of Cantor Fitzgerald, Credit Suisse Securities (USA) LLC and Bear, Stearns & Co.
+Added: and in the investment banking divisions of Cantor Fitzgerald, Credit Suisse Securities (USA) LLC and Bear, Stearns & Co.
Inc., holding positions of increasing responsibility.
2 unchanged sentences
Prior to joining the Company, Mr.
−Removed: 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: Bukkapatnam served as Vice President, Global Technology at Nike, Inc., a global provider of athletic footwear and apparel, from August 2020 to July 2023.
Prior to Nike, Mr.
−Removed: 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.
−Removed: He led a number of digital transformation initiatives impacting the company’s technological landscape, including Starbucks’ introduction of customer mobile applications.
−Removed: Name and Title Age Business Experience
+Added: Bukkapatnam had a more than 20 year career at Starbucks Corporation, 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.
Executive Vice President and Chief Operating Officer, Hyatt Vacation Ownership
5 unchanged sentences
Butera joined the Company in 1999.
+Added: Executive Vice President and Chief Marketing, Sales and Service Officer
+Added: Fitzgerald has served as our Executive Vice President and Chief Marketing, Sales and Service Officer since June 2025.
+Added: Prior to that time, he served as our Executive Vice President and Chief Marketing and Sales Officer from January 2024 to June 2025 and Senior Vice President of Marketing from September 2017 to December 2023.
+Added: Fitzgerald joined the Company in January 1999 and has held a number of positions of increasing responsibility during his tenure.
+Added: Name and Title Age Business Experience
Executive Vice President and Chief Membership and Commercial Services Officer
1 unchanged sentence
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.
−Removed: 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.
−Removed: From January 2018 to May 2019, she served as Vice President, Brand Marketing, where she was responsible for brand management, campaign development and advertising.
−Removed: From July 2017 to January 2018, she served as Corporate Vice President of Digital, eCommerce, and Media at SeaWorld Parks & Entertainment, where she led the U.S.
−Removed: team that oversaw the development of eCommerce, digital marketing, social media, business intelligence and digital content.
−Removed: From 2015 until July 2017, she served as Senior Director, Digital Marketing at SeaWorld Parks & Entertainment, where she was the executive leader for digital transformation initiatives, including websites, mobile and digital commerce improvements and the implementation of a data and analytics program related to customer experience.
+Added: Prior to joining the Company, she held positions of increasing responsibility at Wyndham Destinations, the vacation ownership business segment of Travel + Leisure Co.
+Added: from January 2018 to November 2020, including as Senior Vice President, Global Brands & Digital from May 2019 to November 2020.
+Added: Prior to that, she held progressive leadership positions at SeaWorld Parks & Entertainment, Inc.
+Added: in brand and digital marketing and eCommerce from September 2011 to January 2018.
James H Hunter, IV
1 unchanged sentence
63 James H Hunter, IV has served as our Executive Vice President and General Counsel and as our Corporate Secretary since November 2011.
−Removed: Prior to that time, he had served as Senior Vice President and General Counsel since 2006.
+Added: Prior to that time, he had served as our Senior Vice President and General Counsel since 2006.
Hunter joined Marriott International in 1994.
−Removed: President, Vacation Ownership
−Removed: Miller has served as our President, Vacation Ownership since October 2020.
−Removed: From October 2018 to September 2020, he served as our Executive Vice President and Chief Marketing, Sales and Service Officer.
−Removed: From November 2011 to September 2018, he served as our Executive Vice President and Chief Sales and Marketing Officer.
−Removed: Prior to that time, he had served as our Senior Vice President, Sales and Marketing and Service Operations since 2007.
−Removed: Miller joined the Company in 1991.
Executive Vice President and Chief Human Resources and Global Communications Officer
4 unchanged sentences
Yonker joined Marriott International in 1983.
+Added: In January 2026, Mr.
+Added: Yonker announced his decision to retire on February 28, 2026.
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.