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EX - 99.1 3 pressrelease - champannounce.htm EX - 99.1 NEWS Neal Goldner Investor Relations 407.206.6149 neal.goldner@mvwc.com Ed Kinney Corporate Communications 407.206.6278 ed.kinney@mvwc.com MVW Marriott Vacations Worldwide Announces Agreement to Acquire Welk Resorts For Approximately $ 430 Million Exhibit 99.1 ORLANDO , Fla . - January 26 , 2021 - Marriott Vacations Worldwide Corporation ( NYSE : VAC ) ( " MVW " or the " Company " ) announced today that it has entered into a definitive agreement to acquire Welk Resorts ( " Welk " ) , one of the largest independent timeshare companies in North America , for approximately $ 430 million , including approximately 1.4 million MVW common shares . The acquisition is expected to close early in the second quarter of 2021 . Welk opened its first vacation ownership resort in 1984 and today operates a portfolio of eight upper upscale vacation ownership resorts located primarily in highly sought - after West Coast U.S. vacation markets , with nearly 1,400 keys , 55,000 Owners and over three years of built inventory . MVW intends to rebrand all Welk resorts as Hyatt Residence Club resorts once obtaining all necessary approvals , dramatically increasing Hyatt Residence Club's footprint while providing the Company substantial future growth opportunities . " Welk's premier resorts are in highly desirable vacation markets , including San Diego , Breckenridge , Lake Tahoe and Cabo San Lucas , Mexico , and will be a nice addition to our footprint , " said Stephen P. Weisz , chief executive officer of MVW . " The acquisition will expand Hyatt Residence Club's geographic presence while providing substantial future growth opportunities . By leveraging our high - value marketing and sales channels and leveraging more efficient rental distribution channels , we expect to be able to drive higher contract sales and expand margins . " Compelling Growth Opportunity and Margin Improvement Expands Hyatt Residence Club business dramatically – Upon rebranding of the Welk resorts , the acquisition will expand the number of Hyatt Residence Club resorts by 50 % , increase the number of keys by nearly 90 % and increase the total number of owners from approximately 33,000 currently to nearly 90,000¹ . -more Supports future growth potential – Welk has over three years of built inventory to support future growth , as well as co - located land available for future development . ¹ Further integration will be necessary before new or expanded access is available for legacy Welk owners to legacy Hyatt Residence Club Resorts or for legacy Hyatt Residence Club owners to legacy Welk resorts .