Marriott Vacations Worldwide (MVW) has entered the acquisition process for Welk Resorts, an independent timeshare company in North America that operates a portfolio of eight vacation ownership resorts. The acquisition is expected to close early in the second quarter of 2021.
MVW intends to rebrand all Welk properties as Hyatt Residence Club resorts once all necessary approvals are obtained. With the rebranding, the acquisition will expand the number of Hyatt Residence Club resorts by 50%, increase the number of keys by nearly 90% and increase the total number of owners from approximately 33,000 to nearly 90,000.
"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, CEO 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."