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Marriott Vacations Worldwide (VAC) purchase of Interval Leisure Group (ILG) discussion!

JIMinNC

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I was recently in a sales presentation at a timeshare we own (we rarely go but these guys have truely been low key and I was curious about the new additional building build out dates). We got to talking about II and I casually mentioned MVW’s purchase of ILG and he hadn’t heard about it. I pulled up the article and he took it to his boss. When he came back he said his boss told him it was a “done deal”.And would be closing in 5 months.

Of course we all know how reliable information from the sales floor can be but, when a direct competitor in Breckenridge (both Hyatt and Marriott) have a merger on the table that could affect your bottom line, not to mention alter the exchange landscape, admits that it’s a “done deal”, it probably is in the eyes of the industry.

As dioxide45 said, the question on the table isn’t if it’s a done deal - it is. Terms are agreed to and it’s been officially announced. It just has go go through routine regulatory hurdles to close on schedule in September. The question on the table is how will Marriott Vacations Worldwide choose to integrate Vistana and Hyatt with Marriott Vacation Club and how many months or years will it be before those integration plans are implemented?
 

VacationForever

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August 28 or September 24? Article indicates Sep 24 for shareholders to join this suit.
August 28th was the date scheduled by both Marriott and ILG to hold separate shareholders meetings to approve the merger. Nothing to do with a lawsuit just filed by a third party.
 

VacationForever

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August 28th was the date scheduled by both Marriott and ILG to hold separate shareholders meetings to approve the merger. Nothing to do with a lawsuit just filed by a third party.
So if approved by shareholders on the takeover, this lawsuit comes after, so will it be in time to stop or reverse the action?

I highly suspect this class action lawsuit is intended to have Marriott pay more and not to stop it.
 

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Both Marriott and ILG shareholders were scheduled to hold a vote August 28th to approve the merger. Now one of the many law firms investigating the deal has filed a class action Suit against ILG et Al. Assume this will disrupt the merger but who knows?
https://www.globenewswire.com/news-...-Files-Class-Action-Suit-Against-ILG-Inc.html

Show me a merger that doesn't have a class action lawsuit filed against it! It is done all the time with the disguised reason that the company being acquired did not do their due diligence and therefore should have required a higher purchase price. The only winners in these types of lawsuits in mergers are the lawyers.

The lawsuit should not delay nor disrupt the merger.
 

GregT

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Show me a merger that doesn't have a class action lawsuit filed against it! It is done all the time with the disguised reason that the company being acquired did not do their due diligence and therefore should have required a higher purchase price. The only winners in these types of lawsuits in mergers are the lawyers.

The lawsuit should not delay nor disrupt the merger.
Concur - the merger will close as scheduled, the suit will go on (and Marriott will prevail).

I believe this is a non-event.

Best,

Greg
 

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just got the shareholder materials for the merger vote. interestingly MVC management began looking at ILG as early as May 2016. Below is an extract of some of the reasons MVC gives for their pursuing a merger. I've highlighted some areas of interest.

Strategic and Financial Benefits of the Combination Transactions
• Combining MVW and ILG would create a leading upper-upscale vacation ownership company with locations in key destinations and create a more globally diversified company, with increased scale, geographic presence, diversity of revenue streams and product offerings;
• The complementary asset and brand portfolios and strengths of MVW and ILG and the expectation that ILG’s exchange network would expand operating margins;
• The expectation that MVW would achieve a minimum of $75 million of targeted annual cost synergies by leveraging operational and general and administrative cost efficiencies;
• The expectation that adding the exclusive right to use the Westin and Sheraton brands in the vacation ownership business represents a strong strategic fit in conjunction with brands that MVW licenses from Marriott International and enhances MVW’s ability to deliver membership benefits;
• The expectation that adding the exclusive right to use the Hyatt brand in the vacation ownership business would broaden and diversify MVW’s vacation ownership platform;
• The expectation of sales growth with respect to ILG’s vacation ownership business and potential for further improvement when combined with opportunities provided by MVW’s agreements with Marriott International;
• The expectation that the free cash flow from the combined businesses after the Combination Transactions would be strong and allow for MVW to advance further growth prospects, enhance stockholder returns and/or repay debt.
 

Luvtoride

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just got the shareholder materials for the merger vote. interestingly MVC management began looking at ILG as early as May 2016. Below is an extract of some of the reasons MVC gives for their pursuing a merger. I've highlighted some areas of interest.

Strategic and Financial Benefits of the Combination Transactions
• Combining MVW and ILG would create a leading upper-upscale vacation ownership company with locations in key destinations and create a more globally diversified company, with increased scale, geographic presence, diversity of revenue streams and product offerings;
• The complementary asset and brand portfolios and strengths of MVW and ILG and the expectation that ILG’s exchange network would expand operating margins;
• The expectation that MVW would achieve a minimum of $75 million of targeted annual cost synergies by leveraging operational and general and administrative cost efficiencies;
• The expectation that adding the exclusive right to use the Westin and Sheraton brands in the vacation ownership business represents a strong strategic fit in conjunction with brands that MVW licenses from Marriott International and enhances MVW’s ability to deliver membership benefits;
• The expectation that adding the exclusive right to use the Hyatt brand in the vacation ownership business would broaden and diversify MVW’s vacation ownership platform;
• The expectation of sales growth with respect to ILG’s vacation ownership business and potential for further improvement when combined with opportunities provided by MVW’s agreements with Marriott International;
• The expectation that the free cash flow from the combined businesses after the Combination Transactions would be strong and allow for MVW to advance further growth prospects, enhance stockholder returns and/or repay debt.

Very interesting Big Mac. Thanks for providing this. The sales team here at Aruba Surf Club were not commenting on any post merger changes or benefits which was appropriate. In addition they had little knowledge about the MArriott Rewards program changes. I knew much more from following the discussions here on TUG!


Sent from my iPhone using Tapatalk
 

mjm1

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Thanks BigMac. That comment about Hyatt would seem to indicate they plan to keep the Hyatt VOA rather than spinning it off. This will be interesting to see how the overall program evolves.

Best regards.

Mike
 

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Thanks BigMac. That comment about Hyatt would seem to indicate they plan to keep the Hyatt VOA rather than spinning it off. This will be interesting to see how the overall program evolves.[/

So MVC might plan to keep Hyatt but there was a line item in the "risk" section which implies Hyatt has the right to withdraw. No idea whether they would but egos will probably decide.
Hyatt’s right to terminate or take other actions with respect to its license with ILG following the consummation of the Combination Transactions
 
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mjm1

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I suspect it will come down to how much money Hyatt would want for allowing MVC to do what they are thinking of with the Hyatt timeshare business. Time will tell.

Mike
 

JIMinNC

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So MVC might plan to keep Hyatt but there was a line item in the "risk" section which implies Hyatt has the right to withdraw. No idea whether they would but egos will probably decide.
Hyatt’s right to terminate or take other actions with respect to its license with ILG following the consummation of the Combination Transactions

I wonder what those "other actions" are that Hyatt has the right to take? The way that is worded, it seems they could at least opt to terminate their license agreement, meaning VAC would have to take the Hyatt name off of those properties and wouldn't be able to market to Hyatt guests/loyalty members. It would be simple enough to rebrand them as Marriott Vacation Club or Westin Vacation Club, but that would seem to be significantly complicated by Hyatt timeshare locations that are co-located with Hyatt hotels.

How many of the Hyatt timeshares share facilities/grounds with a Hyatt hotel?
 

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JIMinNC said -I wonder what those "other actions" are that Hyatt has the right to take? The way that is worded, it seems they could at least opt to terminate their license agreement, meaning VAC would have to take the Hyatt name off of those properties and wouldn't be able to market to Hyatt guests/loyalty members. It would be simple enough to rebrand them as Marriott Vacation Club or Westin Vacation Club, but that would seem to be significantly complicated by Hyatt timeshare locations that are co-located with Hyatt hotels.

How many of the Hyatt timeshares share facilities/grounds with a Hyatt hotel?


Good Point. I guess the issue is who owns the properties. Hopefully ILG and eventually Marriott. If Hyatt wants to exit their name so be it. Here is the list of properties. It looks like some of them are attached to a Hyatt hotel but not all. Maybe someone knows.


Hyatt Residence Club
Hyatt Residence Club At Park Hyatt Beaver Creek Avon, Colorado Mountain
Hyatt Residence Club Beaver Creek, Mountain Lodge Beaver Creek, Colorado Mountain
Hyatt Residence Club Bonita Springs, Coconut Plantation Bonita Springs, Florida Beach
Hyatt Residence Club Breckenridge, Main Street Station Breckenridge, Colorado Mountain
Hyatt Residence Club Carmel, Highlands Inn Carmel, California Beach
Hyatt Residence Club Dorado, Hacienda del Mar Dorado, Puerto Rico Beach
Hyatt Residence Club Grand Aspen Aspen, Colorado Mountain
Hyatt Residence Club Key West, Beach House Key West, Florida Beach
Hyatt Residence Club Key West, Sunset Harbor Key West, Florida Beach
Hyatt Residence Club Key West, Windward Pointe Key West, Florida Beach
Hyatt Residence Club Lake Tahoe, High Sierra Lodge Incline Village, Nevada Mountain
Hyatt Residence Club Lake Tahoe, Northstar Lodge Truckee, California Mountain
Hyatt Residence Club Maui, Kāʻanapali Beach Lahaina, Hawaii Beach
Hyatt Residence Club San Antonio, Wild Oak Ranch San Antonio, Texas Country
Hyatt Residence Club Sarasota, Siesta Key Beach Siesta Key, Florida Beach
Hyatt Residence Club Sedona, Piñon Pointe Sedona, Arizona Desert
 

CalGalTraveler

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Depends if the Hyatt residences are in separate buildings with separate lobbies. For example, although the Hyatt Kaanapali Residences are on the Hyatt Kaanapali grounds it has a separate lobby and the building is right next door to MVC (!) It could very easily become re-branded as MVC X Tower, or a Ritz Carlton Residence or ???. Might take a vote of the HOA to approve re-branding but I don't think anyone would take issue with the Ritz Carlton vs. Hyatt brand.

If Hyatt residences have dedicated floors within a hotel, separating those properties would be more difficult.
 
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JIMinNC

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Depends if the Hyatt residences are in separate buildings with separate lobbies. For example, although the Hyatt Kaanapali Residences are on the Hyatt Kaanapali grounds it has a separate lobby and the building is right next door to MVC (!) It could very easily become re-branded as MVC X Tower, or a Ritz Carlton Residence or ???. Might take a vote of the HOA to approve re-branding but I don't think anyone would have an issue with the Ritz Carlton vs. Hyatt brand.

If Hyatt residences have dedicated floors within a hotel, separating those properties would be more difficult.

In addition to separate buildings/lobbies, the other issue would be parking. Do they share parking with a Hyatt hotel? What is the parking arrangement at Hyatt Maui?

The only one I'm familiar with from the above list is Sedona, and I believe that is a standalone property with no associated hotel.
 

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Hyatt Bonita Springs in Coconut Plantation, Florida is all by itself. There is a Hyatt Hotel a short walk down the street. However, as I recall, they do share a access to a neat beach on an island. You take a small boat to an island for the "beach." The beachhouse (with a multi purpose room, restrooms and a small restaurant) is owned by a housing development HOA and both Hyatt properties pay an access fee for their guests to use. Seemed like a great idea for the HOA to gain some revenue from the Hyatt to defray costs in my opinion.
 

mjm1

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Highlands Inn in the Carmel Highlands has a shared lobby, restaurant and pool, but Sedona is standalone.

Mike
 

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My understanding is that MVC owners get night credits in Marriott Rewards for their timeshare stays, is that correct? If so, will that continue.

Starwood/Vistana has never allowed this and if MVC continues this I'm hopeful it will be adopted for all MVC properties, legacy and new.
 

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My understanding is that MVC owners get night credits in Marriott Rewards for their timeshare stays, is that correct? If so, will that continue.

Starwood/Vistana has never allowed this and if MVC continues this I'm hopeful it will be adopted for all MVC properties, legacy and new.

All Marriott rewards members get credit for stays at timeshare properties, not just MVC owners. Nobody knows if this will change or not to exclude timeshare weeks without excluding paid nightly stays. I am betting it will not change.
 

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All Marriott rewards members get credit for stays at timeshare properties, not just MVC owners. Nobody knows if this will change or not to exclude timeshare weeks without excluding paid nightly stays. I am betting it will not change.
Correct, nothing but crickets from MVC. I was told by my MVC sales guy that he found out that MVC nights will NOT count towards status (I was asking about 100 night Ambassador status) nor would MFs count towards $20k Spend. This was a month ago, but nothing new since. Very disappointing to have MVC seem to just defer to MR and apparently not go to bat for owners. The outcome will definitely determine my commitment...and future purchases...of MVC interests. Cheers.
 

VacationForever

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Correct, nothing but crickets from MVC. I was told by my MVC sales guy that he found out that MVC nights will NOT count towards status (I was asking about 100 night Ambassador status) nor would MFs count towards $20k Spend. This was a month ago, but nothing new since. Very disappointing to have MVC seem to just defer to MR and apparently not go to bat for owners. The outcome will definitely determine my commitment...and future purchases...of MVC interests. Cheers.
The question is how reliable is the information. I do understand MF not counting against the $20K spending. But no reason to not count MVC nights in the future. I see this as another case of a salesperson's lips were moving.
 

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The question is how reliable is the information. I do understand MF not counting against the $20K spending. But no reason to not count MVC nights in the future. I see this as another case of a salesperson's lips were moving.
Agreed; however, I could easily make the case that MFs pay for stays. I will probably not have that opportunity, though!
 

dougp26364

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I think, from an owners perspective, it’s VERY easy to make a case for MF and nights counting. It would be very easy to view this as contractually pre-paid nights/stays. For MVC it’s guarenteed income whether or not you actually stay in a MVC property
 

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Correct, nothing but crickets from MVC. I was told by my MVC sales guy that he found out that MVC nights will NOT count towards status (I was asking about 100 night Ambassador status) nor would MFs count towards $20k Spend. This was a month ago, but nothing new since. Very disappointing to have MVC seem to just defer to MR and apparently not go to bat for owners. The outcome will definitely determine my commitment...and future purchases...of MVC interests. Cheers.
Maybe I'm confused. Certainly we should all look at where these type of things end up and make decisions as to what works best for us but your post seems to think it's owed or you'd be upset with MVC, rather than MR, if it changed negatively. We should buy timeshares, chose our hotels and use CC for the best choice for us, but to expect certain options or be overly upset if things change seems unreasonable. These are essentially separate companies and we could see the entire program go away completely from a MVC standpoint. If buying a timeshare doesn't work without these options, it shouldn't work with them, their peanuts. Personally I wouldn't expect them to announce the exact nuances of how it'll work, I don't think they ever do for these type of issues unless their using some change as a sales or participation enticement.
 
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