Marriott Vacations World has completed the acquisition of Welk Resorts. The purchase of Welk Resorts will bring a total of nine new properties under the Hyatt Residence Club.
Stephen P. Weisz, chief executive officer, had this to say about the completed acquisition.
With its eight upper upscale ownership resorts located primarily on the West Coast, 55,000 Owners and three years of built inventory, Welk Resorts is a great addition to MVW. This acquisition provides us with substantial future growth opportunities and, once all final approvals are obtained and the resorts are rebranded, will increase our Hyatt Residence Club footprint by 50%. Additionally, I would like to extend a very warm welcome to our new associates as they join our MVW family.
Welk Resorts is one of the largest independent timeshare companies, and with that comes quite the price tag to get this acquisition done. This deal will be completed for the cost of $485 million, including 1.4 million of Marriott Vacations Worldwide common shares.
Once Welks Resorts and Hyatt Residence Club are combined; Owners, Members, and their guests will be able to access a total of 24 vacation ownership properties.
This new acquisition continues to show why Marriott Vacations Worldwide is the leading vacation company in the world. By purchasing these companies, Marriott Vacations Worldwide continues to build up their already impressive portfolio and offer Owners and Members new and exciting vacation opportunities.
