ORLANDO - Marriott Vacations Worldwide Corporation (NYSE: VAC) has promoted Scott Weisz to Executive Vice President, Strategic Business Operations. Weisz, with over two decades at the company, will now report directly to the President and CEO, John Geller, as part of the Executive Committee.
Having held various senior roles within the company, Weisz's experience spans resort operations, inventory and revenue management, and overseeing the east region of The Marriott Vacation Club's vacation ownership business. His career has also involved new project development, delivery, and business optimization.
In his new capacity, Weisz is tasked with leading efforts to accelerate growth for core and new products and to enhance operating efficiencies through business modernization. The company's president and CEO expressed confidence in Weisz's ability to drive incremental revenue and cost savings, and to improve customer platforms, products, and services.
Marriott Vacations Worldwide is a global vacation company offering vacation ownership, exchange, rental, and resort and property management, with a portfolio that includes approximately 120 vacation ownership resorts and 700,000 owner families. It also operates an exchange network with more than 3,200 affiliated resorts in over 90 countries and territories.
This move is part of the company's strategy to continue its growth and modernization initiatives. The information reported is based on a press release statement from Marriott Vacations Worldwide Corporation.
In other recent news, Marriott Vacations Worldwide has demonstrated strong performance in its third-quarter 2024 earnings call. The company reported a 5% year-over-year increase in contract sales and nearly 90% resort occupancy, largely driven by strategic initiatives such as the first-time buyer financing promotion and enhanced sales channels. The opening of a new resort in Waikiki is expected to boost annual contract sales by $30 million to $50 million.
CEO John Geller cited the company's resilience in recovering from the Maui wildfires and maintaining stable maintenance fee increases, with low single-digit raises projected for 2025. Financially, Marriott Vacations stands firm with $231 million in adjusted EBITDA for the Vacation Ownership segment and over $900 million in liquidity.
On the downside, the Exchange and Third-Party Management segment experienced a $7 million decline in adjusted EBITDA, primarily due to Aqua-Aston's lower profits post-Maui wildfires. Despite these challenges, the company is optimistic about its future, with plans for a new Hyatt Vacation Club resort in Orlando and initiatives to improve operational efficiencies that could yield an additional $50 million to $100 million annually by 2026. These are recent developments that further solidify Marriott Vacations' strategic growth trajectory.
InvestingPro Insights
Marriott Vacations Worldwide Corporation's (NYSE: VAC) recent executive promotion aligns with its focus on growth and operational efficiency. This strategic move is supported by several key financial metrics and insights from InvestingPro.
According to InvestingPro data, VAC's market capitalization stands at $3.36 billion, reflecting its significant presence in the vacation ownership industry. The company's P/E ratio of 16.2 suggests a reasonable valuation relative to its earnings, which could be attractive to investors considering the company's growth initiatives.
InvestingPro Tips highlight that VAC has been aggressively buying back shares, which often signals management's confidence in the company's future prospects. This aligns with Scott Weisz's new role in driving growth and enhancing operating efficiencies. Additionally, VAC has maintained dividend payments for 11 consecutive years, demonstrating a commitment to shareholder returns that complements its growth strategy.
The company's financial health appears solid, with InvestingPro data showing a revenue of $3.19 billion in the last twelve months as of Q3 2023. VAC's gross profit margin of 57.61% for the same period indicates strong profitability, which could provide resources for the business modernization efforts mentioned in the article.
Investors should note that VAC has shown significant returns recently, with a 30.46% price total return over the past month and a 36.79% return over the last three months. This positive momentum could reflect market optimism about the company's strategic direction and growth potential.
For readers interested in a deeper analysis, InvestingPro offers 12 additional tips for VAC, providing a comprehensive view of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.