Marriott Vacations Buys ILG in Massive Timeshare Deal
Marriott Vacations Worldwide has announced that it's buying ILG Inc. for about $4.7 billion. The purchase will create one of the world's largest luxury brands for timeshare vacation rentals, a purchase that is expected to save $75 million annually within two years.
According to The Orlando Sentinel, ILG has 40 properties and more than 250,000 owners between Vistana Signature Experiences and Hyatt Vacation Ownership portfolios.
Bloomberg says the combined firm will have about 100 resort properties around the world and 650,000 owners. Wyndham, another large player in the timeshare space says it has 900,000 owners and 220 resorts.
Because Hyatt Vacation properties were part of the deal, Marriott says it will have access to the World of Hyatt's 10 million members, as well as those in the Marriott Rewards program.
Bloomberg reports that the new company will be able to develop, market and sell to seven upscale and luxury brands including Marriott, Ritz-Carlton, Sheraton, Westin, St. Regis and Hyatt.
"It really creates a portfolio of upper-upscale brands that's unsurpassed in the industry," Marriott Vacations CEO Steve Weisz told Bloomberg.
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