Marriott Vacations Worldwide Completes Acquisition of Welk Resorts
Thursday, April 1, 2021
Marriott Vacations Worldwide has announced that the acquisition of Welk Resorts has officially been completed. This acquisition of Welk Resorts, of one of the largest independent timeshare companies in North America, cost $485 million including 1.4 million MVW common shares of stock.
Stephen P. Weisz, chief executive officer, commented:
“With its eight upper upscale ownership resorts located primarily on the West Coast, 55,000 Owners and three years of built inventory, Welk Resorts is a great addition to MVW. This acquisition provides us with substantial future growth opportunities and, once all final approvals are obtained and the resorts are rebranded, will increase our Hyatt Residence Club footprint by 50%. Additionally, I would like to extend a very warm welcome to our new associates as they join our MVW family.”
Welk Resorts opened its first vacation ownership property in 1984, located in San Diego. This resort sits on 450 acres and offers owners and guests a wealth of great amenities to be enjoyed during their stay, including an incredible 6,000 sq ft fitness center, two golf courses, lighted tennis courts, live theater, multiple swimming pools, and a full-service spa..
Once combined, Hyatt Residence Club and Welk Resorts will offer owners, members, and guests a total of 24 vacation ownership properties with close to 3,000 keys.
Learn more about Marriott Vacations Worldwide and their other managed properties by visiting their official website.