John Geller on deferred payment program
From Marriott Vacations Worldwide CEO on adjusting to the stay-at-home economy · · CNBC Television
“Just over one percent of our borrowers asked for our deferred payment program. We have companies go and default, we have individuals that I'm worried about with credit cards, but only about one percent of our people have actually taken us up on that and we're happy to try to help whenever we can.”
On , John Geller, Chief Executive Officer, President & Director at MARRIOTT VACATIONS WORLDWIDE, spoke about deferred payment program during Marriott Vacations Worldwide CEO on adjusting to the stay-at-home economy on CNBC Television.
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.