Marriott Vacations Worldwide CEO on adjusting to the stay-at-home economy
Marriott Vacations Worldwide President and CEO Stephen Weisz appeared on "Mad Money" to discuss its deferred paymentΒ ...
President of Vacation Ownership, Marriott Vacations Worldwide
Search every verified Brian Miller interview, podcast appearance, and on-the-record quote β each transcript cross-checked by AI and human review to confirm speaker identity. Brian Miller, President of Vacation Ownership at Marriott Vacations Worldwide, has discussed the company's performance and strategies in multiple interviews. In 2020, during the COVID-19 pandemic, Miller noted that the company closed its sales centers from late March to the end of May, then reopened six and implemented enhanced telesales, generating about $17 million in sales over four weeks. He stated that over 60% of sales came from existing owners, and that only about 1% of borrowers requested a deferred payment program. Miller described the company's typical owners as having average household incomes over $125,000 and self-reported average net worth over $1.5 million. He also commented that the company's resorts primarily attract families with children, contrasting this with what he described as a different product offered by Airbnb. In earlier appearances, Miller addressed the company's financial performance and market position. He reported that the company had generated nearly $1 billion in free cash flow since its spin-off and returned $700 million to shareholders, including buying back about 27% of its shares. Miller noted that the number of Gen X, Gen Y, and Millennial buyers was growing as a percentage of new purchasers, challenging the perception that timeshares are primarily a product for older generations. He also discussed the company's asset-light model, partnering with third parties for property development, and expressed optimism about growth opportunities in Asia. Regarding competition, Miller stated that Airbnb does not directly compete with Marriott Vacations' offerings, describing the company's product as a full-service resort experience.
“Just over one percent of our borrowers asked for our deferred payment program. We set up this program for those who needed it because they either lost their job or 30% of their income, but by and large only about one percent of our people have actually taken us up on that.”
“Our typical owners have average household incomes north of $125,000 and self-reported average net worth over a million and a half. Many view this as just a monthly payment and put great value on their vacations.”
“More than 60 percent of our sales has been to our existing owners who want to buy more of our product, so they're not being sold, they're actually buying.”
“We closed all of our sales centers at the end of March and kept them closed until the end of May. We just opened six back up this past week and augmented that with enhanced telesales activity, resulting in about $17 million worth of sales in about four weeks.”
Marriott Vacations Worldwide President and CEO Stephen Weisz appeared on "Mad Money" to discuss its deferred paymentΒ ...
As Marriott Vacation Worldwide continues to rebuild after hurricanes Harvey and Irma, Jim Cramer caught up with the company'sΒ ...
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Marriott Vacations' stock has taken quite the trip this year, but are things just beginning to heat up after a double digit move in theΒ ...
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