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Vacation Ownership Comments from Q4 2011 Call

clsmit

TUG Review Crew
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Source: seekingalpha.com transcript

Frits van Paasschen/:Before I turn to our outlook for 2012, I want to share some highlights from our Vacation Ownership business. Like our hotels, SVO had a strong year. Contract sales in the fourth quarter were up 6%, with pricing up 1%. Delinquencies and defaults are now back to pre-crisis levels. For the full year, revenues grew 8%. SVO generated $200 million in cash, which brings the 3-year total to about $700 million. By comparison, that's roughly equal to the market cap of the newly spun-off Marriott Vacations business. Looking ahead, we have several years of inventory left to monetize, and our team is looking at capital friendly and high return ways to maintain our sales pace.
...
Vasant M. Prabhu: To sustain [timeshare] the business, we are making selective investments in new inventory in tried and tested locations, generally where problem sales momentum warrants adding more inventory.
(TRANSLATION: They are exercising ROFR in key places like Hawaii.)
 

TomH

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And hopefully the much anticipated Phase 2 of Riverfront and Steamboat Villas... or maybe I am too optimistic.

Tom
 
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