Marriott Vacations Worldwide Corporation Disposes of Excess Parcels

[DannyTS]

"ORLANDO, Fla., Dec. 19, 2019 /PRNewswire/ -- Marriott Vacations Worldwide (NYSE: VAC) announced today that it has closed the sale of excess parcels in Cancun, Mexico and Avon, Colorado for more than $60 million as part of its strategic decision to reduce holdings in markets where it has excess supply.

"This is the first step in our strategy to dispose of $160 million to $220 million of non-strategic assets, which we announced during our recent investor day," said John Geller, executive vice president and chief financial and administrative officer.

The Company expects to report a gain from the sales, which will be excluded from its 2019 Adjusted EBITDA, and cash proceeds will be excluded from its Adjusted Free Cash Flow."

 

[Mulege]

Good. Hopefully someone will build something nice on the ugly empty lot near Lagunamar.

 

[blondietink]

Good. Hopefully someone will build something nice on the ugly empty lot near Lagunamar.

I was thinking the exact same thing! Tired of walking past the big hole in the ground on the way to the grocery store.

 

[DannyTS]

Since the announcement for both parcels came at the same time, I guess they had one buyer for both, probably a hotel chain. I do not know about the one in Avon, Colorado but the one in Cancun is prime oceanfront land so I would be surprised to see anything but a hotel built in that spot.

 

[controller1]

Since the announcement for both parcels came at the same time, I guess they had one buyer for both, probably a hotel chain. I do not know about the one in Avon, Colorado but the one in Cancun is prime oceanfront land so I would be surprised to see anything but a hotel built in that spot.

East West Partners is probably the purchaser of the Avon property as they were seeking a purchase extension back in October.

https://www.vaildaily.com/news/amid...-seeks-more-time-on-avon-riverfront-property/

 

[Mulege]

The Cancun property is not very large. Not sure a hotel fits. There are condos on one side if I remember.

 

[Mulege]

Live Aqua north side and Circle K south side. Anything is better than what isn’t there now.

 

[DannyTS]

the lot appears to be similar in size to the one that Live Aqua is built on, maybe a little bit smaller.

 

[Mulege]

Oh well who ever bought it must have plans for it. It is a great location.