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(The website may require you to sign-up for their news feeds in order to see the entire article.) Between 1997 and 2015 Shaw was the Accounting Officer at Orange Lake Resorts and Hilton Grand Vacations. Here is the conclusion:
"Where Hilton appears to separate itself from its peer group is in the area of salable inventory acquisition. Hilton has clearly gone "all in" on the capital-efficient inventory acquisition model that others in its peer group are utilizing, but to a considerably lesser degree. In particular the fee-for-service model wherein it acts as the sales and marketing agent on behalf of a third party developer. ...
"In general, Hilton's operations compare favorably to its peer group and so an investment in Hilton's timeshare operations becomes a case, at least in the near to intermediate term, of investor confidence in the fee-for-service model in an industry that for the majority of its history has been more vertically integrated. Hilton will be a timeshare developer focused largely on the fee-for-service business model along with just-in-time acquisitions.
"Both these models ultimately split the revenue with the third party developer and this reduces net profit on an equivalent sale basis. Its overall performance outcome will be dependent on increased sales, negotiated commission rates and their ability to control operating costs to retain operating margins. This model is much different than the rest of its peer group. ...
"With the recent consolidation in the industry, the biggest question becomes whether Hilton will be a public timeshare company competing against its peer group or a very attractive acquisition target for private equity or another timeshare developer similar to Interval and its recent acquisition of Vistana (previously owned by Starwood) or Apollo Global Management LLC and its recently announced acquisition of Diamond."