Marriott Vacations Worldwide Corporation (NYSE:VAC) Files An 8-K Other Events
Item 8.01Other Events.
On December 21, 2018, a subsidiary of Marriott Vacations Worldwide Corporation (“Marriott Vacations Worldwide”) completed the disposition of its 75.5% interest in VRI Europe Limited to an affiliate of the minority shareholder, CLC Resort Management Limited (“CLC”) for $63 million. In connection with the transaction, Interval International entered into a long-term extension of its global affiliation agreement with CLC Resort Developments Limited for mixed-use holiday products under its Club La Costa World (CLC World) brand.
About Marriott Vacations Worldwide Corporation (NYSE:VAC)
Marriott Vacations Worldwide Corporation is a developer, marketer, seller and manager of vacation ownership and related products under the Marriott Vacation Club and Grand Residences by Marriott brands. The Company is a developer, marketer and seller of vacation ownership and related products under The Ritz-Carlton Destination Club brand. The Company develops, markets and sells whole ownership residential products under The Ritz-Carlton Residences brand. The Company operates through three segments: North America, Europe and Asia Pacific. The Company’s portfolio consists of approximately 60 properties in the United States and over eight other countries and territories. The Company’s brands include The Marriott Vacation Club, Grand Residences by Marriott, The Ritz-Carlton Destination Club and The Ritz-Carlton Residences. The Company also offers purchase money financing for purchasers of its vacation ownership products.