Hyatt Residence Clubs Expansion After Recent Marriott Vacations Purchase
Marriott buys a timeshare company and then turns them into Hyatt hotels?!? Sounds weird right? But it isn’t that Marriott…at least not really. Marriott Vacations Worldwide, which split off from Marriott hotels a decade ago, just agreed to purchase Welk Resorts for $430M. The deal should close over the next few months. Welk Resorts is timeshare company that owns 8 highly desirable resorts mostly spread across the West Coast.
Marriott Vacations Worldwide is a publicly traded timeshare company that owns several vacation ownership brands. They include, but are not limited to, the Marriott Vacation Club, the Ritz-Carlton Destination Club and Hyatt Residence Clubs. The plan is to transform the Welk Resorts into Hyatt Residence Clubs which would be an increase of 50% to their current portfolio of 16 hotels.
This is good news for World of Hyatt fans since these resorts are normally bookable with World of Hyatt points. They are often towards the higher end of the spectrum going for 25,000-30,000 points a night. That is because the rooms are usually more spacious and the grounds have more to offer since they are a timeshare property. Not to mention this offers some more options if you are struggling to knock Hyatt Residence Club off your Brand Explorer perk list.
Here is a quote about the purchase from PRN Newswire:
“Welk’s premier resorts are in highly desirable vacation markets, including San Diego, Breckenridge, Lake Tahoe and Cabo San Lucas, Mexico, and will be a nice addition to our footprint,” said Stephen P. Weisz, chief executive officer of MVW. “The acquisition will expand Hyatt Residence Club’s geographic presence while providing substantial future growth opportunities. By leveraging our high-value marketing and sales channels and leveraging more efficient rental distribution channels, we expect to be able to drive higher contract sales and expand margins.”