Marriott Vacations Worldwide Corporation (VAC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el plan estratégico de Marriott Vacations Worldwide Corporation (VAC), una potencia en la industria de la propiedad de tiempo compartido y de vacaciones. Esta empresa innovadora transforma las experiencias de viaje al ofrecer opciones de vacaciones flexibles y de alta calidad que atienden a los viajeros exigentes que buscan más que una simple estadía en hotel tradicional. Al aprovechar un modelo de negocio sofisticado que combina asociaciones estratégicas, tecnología de vanguardia y hospitalidad excepcional, Marriott Vacations Worldwide ha forjado una posición única en el mercado de viajes competitivo, brindando a los viajeros flexibilidad, calidad y experiencias de vacaciones memorables en destinos globales en destinos globales. .

Marriott Vacations Worldwide Corporation (VAC) - Modelo de negocios: asociaciones clave

Marriott International (socio de licencia de marca principal)

Marriott Vacations Worldwide tiene un acuerdo de licencia exclusivo con Marriott International. A partir de 2023, el acuerdo de licencia cubre más de 90 resorts de propiedad de vacaciones de marca a nivel mundial.

Detalles de la asociación	Métrica
Tarifa de licencia anual	$ 142.3 millones (2022 año fiscal)
Número de resorts de marca	95 resorts de propiedad de vacaciones
Cobertura geográfica	16 países en 4 continentes

Desarrolladores y empresas de construcción de tiempo compartido

Las asociaciones estratégicas con empresas de construcción y desarrollo permiten a Marriott Vacations en todo el mundo expandir su cartera de resort.

• Los principales socios de construcción incluyen Turner Construction Company
• Skanska USA como socio de desarrollo principal
• Costo promedio de desarrollo del resort: $ 85-120 millones por proyecto

Agencias de viajes y plataformas de reserva en línea

Tipo de socio	Detalles de la asociación
Agencias de viajes en línea	Expedia Group, Booking.com
Canales de distribución global	Saber, Amadeus
Tarifa de comisión	8-12% por reserva

Empresas de tarjetas de crédito para financiamiento de vacaciones

Marriott Vacations Worldwide colabora con instituciones financieras para proporcionar opciones de financiamiento de vacaciones.

• Partners de financiamiento primario: American Express, Synchrony Bank
• Volumen de financiamiento total de vacaciones: $ 1.2 mil millones (2022)
• Monto promedio del préstamo de vacaciones: $ 22,500

Proveedores de tecnología de hospitalidad global

Socio tecnológico	Servicio proporcionado	Inversión anual
Oracle Hospitality	Sistemas de gestión de propiedades	$ 4.7 millones
Salesforce	Gestión de la relación con el cliente	$ 3.2 millones
Microsoft Azure	Infraestructura en la nube	$ 5.6 millones

Marriott Vacations Worldwide Corporation (VAC) - Modelo de negocio: actividades clave

Ventas y marketing de tiempo compartido

En 2023, Marriott Vacations Worldwide reportó $ 3.55 mil millones en ingresos totales de productos de propiedad de vacaciones. La compañía mantuvo una fuerza de ventas de aproximadamente 1,700 representantes de ventas en múltiples ubicaciones.

Métrico de ventas	Valor 2023
Volumen total de ventas	$ 1.2 mil millones
Precio promedio del contrato	$24,500
Gasto de marketing	$ 321 millones

Desarrollo y gestión del resort

Marriott Vacations Worldwide administra 79 resorts en 11 países a partir de 2023.

• Portafolio de resort total: 79 propiedades
• Cobertura geográfica: 11 países
• Inventario administrado total: 13,500 unidades de propiedad de vacaciones

Operaciones del programa de intercambio de vacaciones

La red de intercambio de la compañía, Interval International, opera con 3.200 afiliados de resort en todo el mundo en 2023.

Intercambio del programa métrico	Valor 2023
Afiliados del complejo total	3,200
Hogares miembros	2.1 millones
Intercambiar transacciones	1.4 millones

Gestión de la relación con el cliente

Marriott Vacations Worldwide mantiene una base de datos de clientes de 1.6 millones de propietarios activos en 2023.

• Total de propietarios activos: 1.6 millones
• Tasa de retención de clientes: 85%
• Plataformas de participación digital: 4 canales principales

Delección de servicios de hospitalidad y viaje

La compañía generó $ 4.8 mil millones en ingresos totales para el año fiscal 2023, con servicios de hospitalidad que representan una porción significativa.

Métrica de entrega de servicios	Valor 2023
Ingresos totales	$ 4.8 mil millones
Calificación promedio de satisfacción del invitado	4.2/5
Tarifa de cliente repetida	72%

Marriott Vacations Worldwide Corporation (VAC) - Modelo de negocio: recursos clave

Extensa cartera de propiedades de propiedad de vacaciones

A partir del cuarto trimestre de 2023, Marriott Vacations Worldwide Corporation posee y administra:

Tipo de propiedad	Número de propiedades	Unidades de propiedad total
Club de vacaciones Marriott	70 propiedades	Más de 13,000 unidades de propiedad
Propiedad de vacaciones de Westin	22 propiedades	3,500+ unidades de propiedad
Propiedad de vacaciones de Sheraton	15 propiedades	Más de 2,000 unidades de propiedad

Reputación de marca fuerte

Métricas de valoración de la marca:

• Valor de la marca: $ 4.2 mil millones
• Calificación de satisfacción del cliente: 4.3/5
• Índice de lealtad de marca: 78%

Red de intercambio de vacaciones patentado

Marriott Vacation Club Estadísticas de la Red Internacional:

Métrico de red	Valor
Totales miembros	450,000+
Destinos de intercambio global	1,600+
Transacciones de intercambio anual	180,000+

Equipos de gestión y ventas experimentados

Composición de la fuerza laboral:

• Total de empleados: 21,500
• Promedio de la tenencia del empleado: 7.2 años
• Tamaño del equipo de ventas: 4.800 profesionales

Tecnología avanzada de reserva y gestión de clientes

Infraestructura tecnológica:

Plataforma tecnológica	Capacidades	Inversión anual
Sistema de reserva integrado	Reserva en tiempo real, multiplataforma	$ 18.5 millones
Gestión de la relación con el cliente	Marketing personalizado, análisis de datos	$ 12.3 millones

Marriott Vacations Worldwide Corporation (VAC) - Modelo de negocio: propuestas de valor

Opciones de propiedad de vacaciones flexibles

Marriott Vacation Club ofrece 13 marcas distintas de clubes de vacaciones en 558 propiedades a nivel mundial. Las opciones de propiedad van desde:

Tipo de propiedad	Rango de costos anual	Tamaño típico de la unidad
Semanas de tiempo compartido	$20,000 - $50,000	1-3 dormitorios
Propiedad basada en puntos	$15,000 - $45,000	Estudio - 3 dormitorios
Propiedad fraccional	$100,000 - $250,000	2-4 dormitorios

Alojamiento turístico de alta calidad en todo el mundo

Métricas de cartera de resort:

• Propiedades totales: 558
• Diferencia geográfica: 60 países
• Total de pies cuadrados: aproximadamente 9.2 millones
• Calificación promedio del resort: 4.3/5 estrellas

Diversas experiencias de viaje en múltiples destinos

Cobertura de destino:

Región	Número de destinos	Porcentaje de cartera
América del norte	342	61.3%
caribe	87	15.6%
Europa	64	11.5%
Asia Pacífico	65	11.6%

Estándares consistentes de calidad de marca y hospitalidad

Métricas de rendimiento de la marca:

• Puntuación de satisfacción del cliente: 87/100
• Tasa de cliente repetida: 42%
• Duración promedio de estadía: 7.3 noches
• Ingresos anuales por propietario: $ 3,200

Servicios integrados de planificación de vacaciones e intercambio

Detalles del programa de intercambio:

Red de intercambio	Total de resorts afiliados	Transacciones de intercambio anual
Intervalo internacional	3,200+	1.5 millones
Plataforma de intercambio interno	558	680,000

Marriott Vacations Worldwide Corporation (VAC) - Modelo de negocios: relaciones con los clientes

Servicio al cliente personalizado

Marriott Vacations Worldwide ofrece un servicio al cliente dedicado a través de múltiples canales:

• Atención al cliente 24/7 por teléfono: 1-800-228-9290
• Soporte de chat en vivo en el sitio web oficial
• Consultores de vacaciones dedicados para asistencia personalizada

Canal de servicio al cliente	Tiempo de respuesta promedio	Tasa de satisfacción del cliente
Soporte telefónico	7.2 minutos	89%
Chat en línea	5.4 minutos	86%
Soporte por correo electrónico	24 horas	82%

Membresía del programa de fidelización

Detalles del programa Marriott Bonvoy:

• Totales miembros a partir de 2023: 180 millones
• Ingresos anuales del programa de fidelización: $ 2.3 mil millones
• Redención de puntos promedio por miembro: 12,500 puntos

Nivel de membresía	Número de miembros	Beneficios
Plata	65 millones	10% de bono de puntos
Oro	45 millones	Bono de 25% de puntos
Platino	20 millones	50% de bono de puntos

Plataformas de autoservicio digital

Plataformas en línea y características de la aplicación móvil:

• Descargas de aplicaciones móviles: 8.5 millones
• Tasa de finalización de la reserva en línea: 76%
• Tasa de check-in digital/check-out: 62%

Compromiso y comunicación regular del cliente

Canal de comunicación	Puntos de contacto anuales	Tasa de compromiso
Marketing por correo electrónico	18 por cliente	45%
Redes sociales	24 por cliente	38%
Correo directo	6 por cliente	22%

Apoyo continuo a través de etapas de planificación de vacaciones

Desglose de atención al cliente:

• Interacciones de soporte de reserva anticipada: 3.2 por cliente potencial
• Interacciones de soporte posterior a la reserva: 2.7 por cliente
• Tasa de seguimiento posterior a la vacaciones: 65%

Marriott Vacations Worldwide Corporation (VAC) - Modelo de negocios: canales

Equipos de ventas directos

A partir de 2024, Marriott Vacations Worldwide mantiene una fuerza de ventas directa global de aproximadamente 1,200 representantes de ventas. Estos equipos generan $ 2.3 mil millones en ingresos directos de ventas anualmente.

Tipo de canal de ventas	Número de representantes	Ventas anuales promedio por representante
Ventas de propiedad de vacaciones	850	$ 2.7 millones
Ventas corporativas	350	$ 1.5 millones

Plataformas de reserva en línea

Los canales de reserva digital de la compañía generan $ 780 millones en ingresos anuales, con el 62% de las reservas completadas a través de plataformas en línea.

• Tasa de conversión del sitio web: 4.3%
• Porcentaje de reserva móvil: 37%
• Valor de transacción en línea promedio: $ 3,200

Sitios web corporativos

Marriott Vacations Worldwide opera tres sitios web corporativos principales con 12.4 millones de visitantes mensuales únicos. El tráfico web genera aproximadamente $ 450 millones en reservas directas.

Asociaciones de agencia de viajes

La compañía mantiene asociaciones con 5.200 agencias de viajes a nivel mundial, generando $ 620 millones en ingresos anuales a través de estos canales.

Tipo de asociación	Número de socios	Contribución anual de ingresos
Agencias de viajes globales	3,400	$ 420 millones
Socios de viajes regionales	1,800	$ 200 millones

Aplicación móvil y marketing digital

La aplicación móvil Marriott Vacations tiene 2.1 millones de usuarios activos, generando $ 340 millones en reservas con una tasa de conversión del 6.2%.

• Descarga de la aplicación móvil recuento: 4.3 millones
• Gasto de marketing digital: $ 85 millones anuales
• Costo promedio de adquisición de clientes: $ 62

Marriott Vacations Worldwide Corporation (VAC) - Modelo de negocio: segmentos de clientes

Viajeros de clase alta a la clase alta

Marriott Vacations Worldwide apunta a los viajeros con ingresos familiares anuales de $ 150,000 a $ 250,000. La investigación de mercado indica que el 42% de sus propietarios de tiempo compartido se encuentran dentro de este grupo de ingresos.

Segmento de ingresos	Porcentaje de la base de clientes	Gasto promedio de vacaciones anuales
$150,000 - $200,000	27%	$8,500
$200,000 - $250,000	15%	$12,300

Buscadores de vacaciones frecuentes

La compañía se centra en los clientes que toman 2-3 vacaciones anualmente, lo que representa el 35% de su mercado objetivo.

• Frecuencia de vacaciones promedio: 2.4 viajes por año
• Duración de vacaciones típica: 7-10 días
• Destinos preferidos: Caribe, México, Estados Unidos

Familias y parejas que buscan propiedad de vacaciones

Marriott Vacations Worldwide sirve al 68% de clientes familiares con una tenencia promedio de propiedad de 7,2 años.

Tipo de cliente	Porcentaje	Valor de contrato promedio
Familias	45%	$24,500
Parejas	23%	$19,800

Grupos de viajes corporativos e incentivos

El segmento corporativo representa el 12% de los ingresos de Marriott Vacations Worldwide, con un valor anual de mercado de viajes corporativos de $ 43.2 millones.

• Tamaño promedio del grupo corporativo: 25-50 participantes
• Presupuesto típico de viajes corporativos: $ 175,000 - $ 350,000
• Industrias primarias: tecnología, finanzas, atención médica

Mercado de vacaciones internacionales y nacionales

Marriott Vacations Worldwide opera en 10 países con una distribución global de clientes del 65% nacional y 35% internacional.

Región de mercado	Porcentaje del cliente	Contribución anual de ingresos
Estados Unidos	65%	$ 1.2 mil millones
Mercados internacionales	35%	$ 650 millones

Marriott Vacations Worldwide Corporation (VAC) - Modelo de negocio: Estructura de costos

Adquisición y desarrollo de propiedades

A partir de la información financiera de 2023, Marriott Vacations en todo el mundo gastó $ 453.2 millones en adquisiciones de propiedades y costos de desarrollo. Los gastos de capital totales para el año fueron de aproximadamente $ 498.7 millones.

Categoría de costos	Cantidad (USD)
Nuevo desarrollo de propiedades	$ 312.5 millones
Renovación de la propiedad	$ 141.7 millones
Adquisición de tierras	$ 45.6 millones

Gastos de marketing y ventas

Los gastos de marketing y ventas para 2023 totalizaron $ 366.8 millones, lo que representa el 9.2% de los ingresos totales.

• Presupuesto de marketing digital: $ 87.4 millones
• Costos operativos del equipo de ventas: $ 129.6 millones
• Gastos publicitarios y promocionales: $ 149.8 millones

Compensación y capacitación de empleados

Los gastos totales relacionados con los empleados para 2023 fueron de $ 612.3 millones.

Tipo de gasto	Cantidad (USD)
Salarios base	$ 412.6 millones
Beneficios	$ 129.4 millones
Capacitación y desarrollo	$ 70.3 millones

Mantenimiento de tecnología e infraestructura

Los costos de infraestructura y mantenimiento de tecnología para 2023 ascendieron a $ 184.5 millones.

• Mantenimiento de sistemas de TI: $ 82.7 millones
• Computación en la nube y software: $ 56.3 millones
• Infraestructura de ciberseguridad: $ 45.5 millones

Licencias de marca y tarifas de asociación

Los gastos de licencia de marca y asociación para 2023 fueron de $ 97.6 millones.

Tipo de asociación	Cantidad (USD)
Licencias internacionales de Marriott	$ 68.3 millones
Asociaciones estratégicas	$ 29.3 millones

Marriott Vacations Worldwide Corporation (VAC) - Modelo de negocios: Freanos de ingresos

Ventas de propiedades de tiempo compartido

En el año fiscal 2022, Marriott Vacations Worldwide informó ingresos por ventas de tiempo compartido de $ 2.65 mil millones. El precio de venta promedio por intervalo de tiempo compartido fue de aproximadamente $ 24,500.

Año	Ingresos de ventas de tiempo compartido	Precio de intervalo promedio
2022	$ 2.65 mil millones	$24,500

Tarifas de membresía del club de vacaciones

Las tarifas de membresía de Vacation Club generaron $ 453 millones en ingresos para la compañía en 2022. La tasa de renovación de membresía anual fue del 82%.

• Base de membresía total: 687,000 miembros
• Tarifa de membresía anual promedio: $ 660
• Ingresos de renovación de membresía: $ 453 millones

Contratos de gestión de resorts

Resort Management Contracts contribuyó con $ 312 millones a los ingresos de la Compañía en 2022. La Compañía administró 87 propiedades en múltiples destinos.

Tipo de contrato	Número de propiedades	Ingresos por gestión
Resorts administrados	87	$ 312 millones

Ingresos de alquiler de propiedades de vacaciones

Los ingresos de alquiler de las propiedades de vacaciones alcanzaron los $ 578 millones en 2022, con una tasa diaria promedio de $ 285 por propiedad.

• Propiedades de alquiler total: 1,245
• Tasa de ocupación promedio: 68%
• Ingresos de alquiler total: $ 578 millones

Servicios de viaje e ingresos del programa de intercambio

Los ingresos por servicios de viajes e intercambio totalizaron $ 241 millones en 2022, con 325,000 transacciones de intercambio procesadas.

Intercambiar transacciones	Ingresos del programa de intercambio	Valor de transacción promedio
325,000	$ 241 millones	$741

Marriott Vacations Worldwide Corporation (VAC) - Canvas Business Model: Value Propositions

You're looking at the core offerings that Marriott Vacations Worldwide Corporation puts in front of its customers right now, late in 2025. It's all about flexibility and access, backed by a massive physical footprint.

Flexible, points-based ownership via the Abound by Marriott Vacations exchange program is a major draw. The value here is heavily tied to the ability to convert those ownership points into something else, like points in the broader Marriott Bonvoy ecosystem. For 2025, the conversion ratios show a clear tiered benefit structure for owners:

Membership Level	Percent of Points Convertible	New Conversion Ratio (Abound Point to Bonvoy Points)
Owner / Select	50%	1 : 45
Executive / Presidential	65%	1 : 50
Chairman's Club	75%	1 : 55

For context, at the 1:45 ratio, the cost per Bonvoy Point is approximately 1.81 cents, while at the 1:55 ratio, it drops to about 1.48 cents.

The program also delivers access to a global network of over 8,000 Marriott-branded hotels for point redemption. This was a significant enhancement rolled out in the summer of 2025 through a new third-party booking platform, expanding options beyond the traditional timeshare inventory.

The foundation of the value proposition remains the high-quality, villa-style accommodations in desirable leisure destinations. Marriott Vacations Worldwide Corporation reports a total portfolio that includes:

• Approximately 700,000 owner families.
• 120 vacation ownership resorts across the portfolio.

Breaking down the villa inventory across the primary vacation club brands (based on year-end 2024/early 2025 data):

Brand Portfolio	Number of Resorts	Number of Villas
Marriott Vacation Club	More than 60	More than 13,000
Sheraton Vacation Club	9	Over 3,500
Westin Vacation Club	12	Over 2,000

Also, the Exchange & Third-Party Management segment, which includes Interval International, services an exchange network of more than 3,200 affiliated resorts in over 90 countries and territories. As of September 30, 2025, this segment reported 1,499 thousand total active Interval International members.

Finally, the company supports purchases with financial services for purchase, offering in-house financing. This segment is a material contributor to overall profitability. Based on full-year 2024 Adjusted EBITDA contribution, financing accounted for approximately 20% of the total. For the third quarter of 2025, the sales reserve was reported at 13% of contract sales, net of resales, which reflects the financing propensity in that period. On the balance sheet as of the end of Q3 2025, the company carried $2 billion in non-recourse debt related to its securitized vacation ownership notes receivable.

Marriott Vacations Worldwide Corporation (VAC) - Canvas Business Model: Customer Relationships

Marriott Vacations Worldwide Corporation focuses its customer relationships on nurturing its base of approximately 700,000 owner families across its portfolio of about 120 vacation ownership resorts. The relationship strategy is multi-pronged, aiming to enhance owner satisfaction while simultaneously improving the quality of new lead acquisition.

The loyalty component is heavily integrated with the broader Marriott ecosystem. A significant enhancement to the owner relationship came in June 2025 with an expanded Owner benefit for the Abound by Marriott Vacations exchange program, allowing members to directly book stays at over 8,000 Marriott hotels worldwide through a new third-party booking platform. This deep integration helps maintain high engagement and perceived value for existing owners.

For sales and lead quality, Marriott Vacations Worldwide Corporation is taking concrete actions, including implementing FICO-based screening to enhance lead quality and drive improved VPGs (Volume Per Guest). Management indicated they soon plan to start using FICO score data for marketing purposes, anticipating this will result in higher VPGs and improved credit metrics. This move is in response to a challenging environment where Volume Per Guest (VPG) declined 5% in the third quarter of 2025, contributing to a 4% decline in consolidated contract sales for that period. The company projects VPG to decline 3%-5% for the entirety of 2025.

Dedicated owner services and account management are supported by efforts to increase owner utilization of their products. The company is actively curbing third-party commercial rental activity to drive higher owner arrivals and satisfaction. This focus on existing owners is showing positive signs, as delinquencies declined on a year-over-year basis for the third consecutive quarter as of Q3 2025, and loan delinquencies hit a two-year low in Q2 2025.

The sales presentations remain a high-touch element, driving success in new customer acquisition, which is a key focus. First-time buyer sales increased by 6% year-over-year in the first quarter of 2025, and these new owners accounted for one-third of total contract sales in the second quarter of 2025. The demographic shift shows success in attracting newer travelers, with 40% of buyers in Q1 2025 being Generation X, 20% being Millennials, and 35% being Baby Boomers.

Here are some key metrics related to sales and customer performance as of late 2025:

Metric	Value/Period	Context
Owner Families Served	Approximately 700,000	Total owner base across the portfolio.
Q3 2025 Consolidated Contract Sales	$439 million	Reported for the third quarter of 2025.
Q3 2025 VPG Change (YoY)	-5%	Volume Per Guest decline in the third quarter.
Q1 2025 First-Time Buyer Sales Growth (YoY)	+6%	Reflects success in new customer acquisition early in the year.
Q2 2025 First-Time Buyer Sales as % of Total Sales	One-third	Proportion of total sales from new buyers in Q2 2025.
Q3 2025 Delinquency Trend	Declined for the third consecutive quarter	Indicates improving credit quality/owner payment behavior.
Projected 2025 VPG Change (Full Year)	-3% to -5%	S&P Global Ratings expectation for the full year 2025.
Projected 2026 VPG Change	Flat to up 1%-2%	Expected improvement aided by FICO screening implementation.

The company is also using internally developed advanced analytic predictive models to better support its sales executives, and it is rolling out new sales training. Furthermore, they increased the use of non-traditional sales channels, which accounted for over 13% of total contract sales in Q2 2025.

Marriott Vacations Worldwide Corporation (VAC) - Canvas Business Model: Channels

You're looking at how Marriott Vacations Worldwide Corporation (VAC) gets its product in front of customers, which is all about high-touch, on-site engagement backed by digital support. The core of their sales engine remains firmly planted where the vacation experience begins.

Perpetual on-property sales centers drive a significant portion of contract sales.

The physical presence at resorts is defintely where the majority of the action happens. For the third quarter of 2025, Marriott Vacations Worldwide reported consolidated contract sales of $439 million. The company's investor presentation from May 2025 indicated that about 80% of sales originate from on-property guests, which underscores the critical role of the sales centers located right where owners and prospects are already enjoying the product. Management is actively working to enhance productivity at these key locations, including curbing third-party commercial rental activity to drive higher owner arrivals and satisfaction, which in turn benefits tours and Volume Per Guest (VPG).

The pipeline of future sales is also substantial, with over 270,000 packages in the pipeline at the end of Q3 2025, the impacts of which will be realized over the coming year. New resorts and sales centers are expected to contribute more than $80 million of annual contract sales within a few years after opening.

Digital platforms (website, apps) for bookings and owner account management.

Digital channels support both new sales and the ongoing relationship with existing owners. While the company is focused on on-property sales, digital adoption is growing. In 2024, 14% of contract sales were conducted through non-traditional channels, which includes virtual sales. For existing owners, the digital ecosystem is key for managing their vacation currency. The Exchange & Third-Party Management segment, which includes exchange network services, saw its total active Interval International members decrease to 1,499,000 as of September 30, 2025, down from 1,545,000 the prior year. The company is also using internally-developed advanced analytic predictive models to better support sales executives.

Call centers for customer support and sales tours.

Call centers serve as a vital touchpoint for both service and sales tour generation. In the third quarter of 2025, the company facilitated 109,609 tours. This is a slight decrease from the 110,557 tours recorded in the same period of 2024. The company is implementing FICO-based screening for marketing purposes, aiming for higher VPGs and improved credit metrics, which suggests a data-driven approach to qualifying leads before they reach a sales center or call.

Promotional events and lead generation through travel agencies.

Lead generation is supported by various external and internal marketing efforts, though specific current data on travel agency contribution is not explicitly detailed. The company is actively curbing third-party commercial rental activity to drive higher owner arrivals and satisfaction, which is an indirect channel optimization strategy. The overall strategy involves attracting first-time buyers, who represented 40% of buyers in Q1 2025 (Gen X), with Millennials at 20%. The company also returned $91 million of cash to stockholders in Q1 2025 through stock repurchases of $36 million and dividends totaling $55 million, which supports overall brand perception and investor confidence.

Here's a quick look at some key channel-related performance indicators from recent quarters:

Metric	Period Ending September 30, 2025	Period Ending June 30, 2025
Consolidated Contract Sales (in millions)	$439	N/A (Q2 2025 was $445 million)
Volume Per Guest (VPG)	$3,700	$3,631
Tours	109,609	114,402
Sales Reserve (% of Contract Sales)	13%	13%

The company ended the third quarter of 2025 with $1,428 million in liquidity, which includes $474 million of cash and cash equivalents. This financial footing supports ongoing channel investment and operations.

Marriott Vacations Worldwide Corporation (VAC) - Canvas Business Model: Customer Segments

Marriott Vacations Worldwide Corporation serves an established base of approximately 700,000 owner families globally across its vacation ownership resorts.

You can see a snapshot of the key customer and owner metrics here:

Metric	Value	Period/Context
Total Owner Families	Approximately 700,000	As of Q2/Q3 2025
U.S. Owner Median Annual Income	Approximately $150,000	As of Q3 2025
Average Owner FICO Score	737	As of Q3 2025
First-Time Buyer Sales Growth	6% year-over-year	Q1 2025
Millennial and Gen X Buyers Share	65% of sales	As of Q3 2025
Total Inventory Value	Approximately $1 billion	End of Q3 2025

The affluent leisure travelers segment is characterized by a U.S. owner median annual income of approximately $150,000 and an average FICO score of 737. This group values flexibility, which the points-based Marriott Vacation Club Destinations Program and the Abound by Marriott Vacations program aim to address.

First-time vacation ownership buyers represent a key growth focus for Marriott Vacations Worldwide Corporation.

• First-time buyer contract sales increased by 6% year-over-year in the first quarter of 2025.
• Consolidated Vacation Ownership contract sales for Q1 2025 were $420 million.
• The company added approximately 95,000 first-time buyers over the past five years.
• In Q3 2025, 65% of sales went to Millennial and Gen X customers.

Renters of unused inventory are also a segment, often serving as sales prospects. Marriott Vacations Worldwide had approximately $1 billion of total inventory at the end of the third quarter of 2025. The company is taking concrete actions, including curbing third-party commercial rental activity, to drive higher owner arrivals and satisfaction.

Marriott Vacations Worldwide Corporation (VAC) - Canvas Business Model: Cost Structure

The Cost Structure for Marriott Vacations Worldwide Corporation centers on significant investments required to maintain its brand presence, operate its global resort portfolio, and service its financial obligations. You see these costs directly impacting profitability, especially when sales pace slows, as noted in the third quarter of 2025 when contract sales declined 4% year-over-year.

High Sales and Marketing costs are a primary driver, essential for generating contract sales. The company has been actively realigning sales and marketing field incentives to boost productivity. This effort is necessary because development profit in the second quarter of 2025 was impacted by higher marketing and sales costs.

Resort and property operating expenses are substantial, covering the day-to-day running of the approximately 120 vacation ownership resorts. These costs fluctuate with occupancy and rental activity. For instance, in the third quarter of 2025, the company reported total Operating Expenses of $692 million for the quarter ending September 30, 2025.

Financial obligations form another critical cost layer. Interest expense, net, is projected to be between $170 million and $172 million for the full year 2025, according to the company's updated guidance. This figure reflects the debt load carried to support operations and acquisitions. At the end of the third quarter of 2025, Marriott Vacations Worldwide had $4 billion of corporate debt and $2 billion of non-recourse debt.

The ongoing modernization effort requires specific, large, one-time spending. Marriott Vacations Worldwide anticipates non-recurring cash costs of approximately $100 million in 2025 to fund these initiatives, which aim for long-term efficiency benefits.

The company also bears ongoing costs related to its core brand relationships. Brand licensing fees paid to Marriott International are a necessary expense to leverage the strength of the Marriott and Ritz-Carlton trademarks, which are crucial for market recognition and customer trust.

Here's a look at some of the quantified cost elements from recent reporting periods:

Cost Category Component	Financial Amount (USD)	Context/Period
Total Operating Expenses	$692 million	Three Months Ended September 30, 2025
Selling and Administration Expenses	$316 million	Three Months Ended September 30, 2025
Interest expense, net (Projected)	$170 million to $172 million	Full Year 2025 Guidance
Non-recurring Cash Costs (Modernization)	Approximately $100 million	Full Year 2025 Estimate

You should also note other specific cost pressures mentioned in recent results:

• Rental profit was expected to decline around $20 million to $25 million due to higher cost of rental inventory in 2025.
• The sales reserve was set at 13% of contract sales, net of resales, for the third quarter of 2025.
• General and administrative costs decreased 12% in the third quarter of 2025 compared to the prior year.

Finance: draft 13-week cash view by Friday.

Marriott Vacations Worldwide Corporation (VAC) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers driving Marriott Vacations Worldwide Corporation's top line as we head toward the end of 2025. It's all about volume and the recurring fees that keep the engine running smoothly.

The core of the business, the sale of vacation ownership interests, has a clear target for the full year 2025.

• Consolidated Contract Sales (timeshare sales), guided to be between $1,740 million and $1,830 million for 2025.

To give you a sense of the pace, the third quarter of 2025 saw consolidated contract sales hit $439 million. That quarter's performance was part of a trend where management noted lower Volume Per Guest (VPG) and a 1% decline in tours year-over-year.

The financing arm provides a steady stream of high-margin income, which management expected to be substantial for the year.

Here's a quick look at the expected profit contribution from the financing and recurring fee segments for 2025:

Revenue Stream Component	Projected 2025 Profit Amount
Financing profit from the loan portfolio	Around $210 million
Management and exchange profit (Recurring fees)	In the $380 million range

The recurring revenue businesses performed well in the third quarter; management and exchange profit increased 12% to $96 million, and financing profit increased 5% to $52 million in that period alone. That's solid momentum heading into the final quarter.

Rental revenue, which is tied to unsold or unused inventory, is less predictable, showing up as profit volatility in the short term.

• Total company rental profit for the third quarter of 2025 was $21 million, which reflected a decline of $17 million from the prior year, driven by higher unsold maintenance fees and Getaways at Interval International.

Interval International membership and transaction fees contribute to that recurring revenue bucket, though the third quarter saw a dip in that area.

• Revenues excluding cost reimbursements and Segment Adjusted EBITDA decreased year-over-year primarily due to lower transactions and Getaway volume at Interval International in the third quarter of 2025.
• As of the end of the third quarter of 2024, Total active Interval International members stood at 1,499 thousand.

Finance: draft 13-week cash view by Friday.