Stephen “Steve” P. Weisz, President and Chief Executive Officer of Marriott Vacations Worldwide was interviewed recently by Jim Cramer on the show, “Mad Money,” a CNBC production. Weisz discussed how the company’s addressing the COVID-19 crisis. He was optimistic about seeing the company’s stock value, which had plummeted from $130 to $30 when hit by the Feb/Mar market crash. The company raised some debt financing and made some moves to get the stocks trading now in the mid-‘90s.
The two went on to discuss the how and the “why” owners are self-selecting to go on a deferred payment program, rather than trying to sell or return their interests. Only about one percent of their owners have wanted out, says Weisz.
Existing sales have traditionally been to existing owners. Just opened six sales centers beginning in May and have used enhanced telesales to earn $17mm in four weeks.
Cramer pressed him to compare vacation ownership with Airbnb. Weisz explained several of the advantages of using a resort property as compared to renting someone’s home or condo. There’s the cleanliness aspect, the opportunity to enjoy amenities like pools and gyms; not to mention access to F&B and housekeeping.