Brian Miller on competition
From Marriott Vacations Worldwide CEO on adjusting to the stay-at-home economy · · CNBC Television
“Airbnb offers a different product. Many Airbnb stays are in someone's condo without amenities like swimming pools or gyms. We provide a full-service experience with housekeeping, food and beverage facilities, and amenities that you can't find in most Airbnb locations.”
On , Brian Miller, President of Vacation Ownership at MARRIOTT VACATIONS WORLDWIDE, spoke about competition during Marriott Vacations Worldwide CEO on adjusting to the stay-at-home economy on CNBC Television.
About Brian Miller
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.