Marriott Vacations Worldwide

History

Marriott Ownership Resorts Inc. (MORI) was established on April 17, 1984 with the acquisition of American Resorts on Hilton Head Island, South Carolina. Marriott’s Monarch became the first MORI resort. In 1995, MORI became Marriott Vacation Club International. The move reflected the company’s evolution from real estate development and sales focus to "delivering an overall vacation experience". In 1997, the company expanded to Europe with its first resort in Marbella, Spain. In 2001, the first Asian resort in Phuket, Thailand was added to the company's collection. Similar to its successful segmentation of the lodging industry pioneered in the 1980s, Marriott Vacation Club International introduced The Ritz-Carlton Destination Club in 1999 – a luxury fractional ownership offering.

Vistana Signature Experiences acquisition

In 2016, Vistana Signature Experiences (formerly Starwood Vacation Ownership) was spun off from Starwood Hotels & Resorts and acquired by Interval Leisure Group (ILG). Vistana entered into a long-term global license agreement to use the Westin and Sheraton brands for vacation ownership.

Interval International and ILG, Inc. acquisition

In April 2018, Marriott Vacations Worldwide announced that they would purchase ILG, Inc. for $4.7 billion. Miami, Florida-based ILG was the parent entity to Interval International, which was founded in 1976.[12] Interval International operates global membership programs for more than 1.6-million-member families. It also provides value-added services and benefits to its developer clients worldwide. Interval is currently an operating business of Marriott Vacations Worldwide Corporation.

The Marriott Vacation Clubs

In April 2023, was introduced by Marriott Vacations Worldwide as the umbrella name to unify its three premium vacation ownership brands, Marriott Vacation Club, Sheraton Vacation Club, and Westin Vacation Club under one portfolio.

References

References

1. [https://fortune.com./company/marriott-vacations-worldwide/fortune500/ MARRIOTT VACATIONS WORLDWIDE]
2. "Marriott Vacations Worldwide".
3. [http://news.marriott.com/2011/11/marriott-international-focuses-on-lodging-management-and-franchising-completing-spin-off-of-vacation.html Marriott International Focuses on Lodging Management and Franchising, Completing Spin-Off of Vacation Ownership Business – Marriott News Center]
4. "Marriott Vacations Worldwide 4Q Revenue Rises Amid Higher International Active Members -- Earnings Review".
5. [http://www.marriottvacationclub.com/index.shtml Marriott Vacation Club – Home]
6. [http://www.ritzcarltonclub.com/index.shtml The Ritz-Carlton Destination Club – Luxury Resorts for Luxury Travel]
7. [http://www.bizjournals.com/washington/stories/2006/06/19/daily28.html Marriott plans St. Kitts timeshares – Washington Business Journal]
8. "Archived copy".
9. Two years later, the Grand Residences by Marriott brand was created.{{Citation needed. (August 2023 The first property opened in 2002 in [[South Lake Tahoe, California]]. In 2007, [[Marriott Vacation Club International]] began to market its core timeshare brand as [[Marriott Vacation Club]]. In 2010, the company launched its points-based Marriott Vacation Club Destinations Program in North America and the Caribbean. This change was the most significant program innovation in the company’s history and provided a new product offering increased flexibility.[http://www.marriottvacationclub.com/news-press-releases/2010/06/2010-06-21-Marriott-Vacation-Club-Introduces-New-Vacation-Ownership-Program.shtml Marriott Vacation Club Introduces New Vacation Ownership Program])
10. Brinkmann, Paul. (30 April 2018). "Marriott timeshare company will buy ILG for $4.7B stock and cash". [[Orlando Sentinel]].