John Geller on competition

About John Geller

Stephen Weisz, President and CEO of Marriott Vacations Worldwide, discussed the company's response to the COVID-19 pandemic in a September 2020 interview. He stated that the company had opened six resorts by the end of May and augmented sales with enhanced telesales activity, generating approximately $17 million in sales over four weeks. Weisz noted that more than 60% of sales came from existing owners and that only about one percent of borrowers had requested a deferred payment program. He described the company's view that leisure travel in short-drive markets would recover first, followed by longer-distance travel, and that people were making a "wise decision to invest in their vacations for the future." In earlier appearances, Weisz discussed the company's financial performance and strategic direction. He stated that since its spin-off from Marriott International, the company had generated nearly a billion dollars in free cash flow and returned $700 million to shareholders, including buying back about 27% of its shares. Weisz described the company's shift to an "asset-light model," partnering with third parties for resort development. He also said 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 baby boomers. Weisz declined to comment on speculation regarding a potential merger with ILG, citing company policy.

Profile compiled from John Geller's verified public interviews and appearances. See all quotes & transcripts →