The island paradise of Sir Richard Branson, Necker Island in the idyllic British Virgin Islands, is affording guests a newly enhanced insight into its wide-reaching conservation efforts.
01.03.2024 - 00:11 / skift.com / Sean Oneill
Hilton Grand Vacations reported financial results on Thursday, following recent reports from timeshare operator rivals Marriott Vacations Worldwide and Travel and Leisure Company.
Here are a few highlights, revealing broader dynamics in the segment.
HGV is the timeshare leader by revenue size. Last year, it generated $3.978 billion in revenue and produced a net income of $313 million.
The group has risen in stature by acquiring two companies in the past two years, including Bluegreen Vacations in a $1.5 billion deal last November and Diamond Resorts for $1.4 billion in August 2021.
It has more than 150 resorts and “more than 525,000 club members.”
HGV executives said Thursday it had seen “some more hesitancy, particularly with new buyers” about signing up for deals, a dynamic they had seen since the second half of the third quarter persisting into early this year.
“The inflationary pressures out there have put some pressure on people’s ability to deal with their essential payments,” said Mark Wang, president and CEO of Hilton Grand Vacations.
Current owners of timeshares remain broadly resilient, however. A tiny uptick in the delinquency rate was “nothing overly material,” and default rates remain better than in 2019, executives said.
HGV actually had a bit of the opposite trouble last year with new owners. Its success at encouraging people, especially members of Hilton’s loyalty program, to take tours and learn about timeshare opportunities led to more demand than the group could efficiently handle.
“We grew our tour flow last year, our new owners’ tour flow, by 22% year-over-year, and that’s put a lot of pressure on our new agents,” Wade said. “That’s a lot to digest in a short period. So we started dialing back on a few of our lower, producing channels, starting the middle of the year.”
A travel tech glitch hurt fourth-quarter earnings. An accidental updating of software and hardware simultaneously effectively knocked offline the company’s sales system for a week, costing HGV roughly $14 million in EBITDA.
HGV’s business in West Maui remains in recovery mode, with hundreds of units offline, after August’s devastating wildfires.
“We had close to 100 team members who lost their homes there, so we committed to putting roofs over their heads,” Wade said. “We’re still housing about 40. We’ve lost a lot of sales staff to people leaving the area.”
For reference, rival Marriott Vacations Worldwide said that housing in Maui continued to be a challenge for residents, including many of its associates, too, and that it entered the new year with only about 75% of its sales organization locally back to pre-fire levels.
Travel + Leisure Co. is the second-largest timeshare operator based on revenue. In 2023, it
The island paradise of Sir Richard Branson, Necker Island in the idyllic British Virgin Islands, is affording guests a newly enhanced insight into its wide-reaching conservation efforts.
The City of Chicago and the Department of Cultural Affairs and Special Events (DCASE) announced the full lineup and programming highlights for the 2024 edition of the beloved Chicago Blues Festival, taking place June 6 – 9 as part of Millennium Park’s milestone 20th anniversary season.
I learned how to maintain dignity and self-respect, even in the face of humiliation, from my grandmother. My mother’s mother was widowed suddenly at the same age I was when I started Accidental Icon. She sold everything she owned, including her home in Connecticut, and moved to Dallas to live with her two sisters, all three widowed during the same year. As young women, the sisters performed as a trio; one sister played the harp, one the piano, and my grandmother the cello. They traveled often, and that is what they did for the next twenty years—this time without their instruments and husbands. We saw my grandmother during this period maybe four times a year. She would call and tell us to meet her at the New York piers or the airport, when she and her sisters were embarking on a European adventure or a trip to Asia. My grandmother, in an exquisitely tailored bouclé suit, would envelop us in a cloud of expensive perfume. The jingle of the charm bracelets she wore on her slender wrist announced her arrival. She would bring gifts—pearls from Japan, or perfume from Paris—upon her return. For me there were geisha dolls, books of watercolor scenes of cherry blossoms on rice paper with transparent covers, carved perfume bottles, and netsukes made of wood.
I have, of late, been thinking a lot about the relationship between traveling and reading. One of the ways that I fell apart a little bit during the first year of the pandemic, as so many of us did, was that I largely stopped reading books. By early 2021, I had resolved to change this, and the return of travel helped me do it.
Birgir Jónsson is well aware of how a budget airline's fortunes can quickly turn around.
Opera superstar soprano Lise Davidsen stars in the Metropolitan Opera’s new production of Verdi’s “La Forza del Destino,” streaming Live in HD to cinemas around the world this Saturday, March 9 at 12 noon ET.
MGM Resorts International and Marriott International are coming together to bring travelers an all-new level of access to exclusive experiences and even better benefits.
Holland America Line is setting sail for adventure with the opening of bookings for its 2025-2026 Panama Canal and Hawaii cruises. With a focus on longer voyages and destination immersion, the premium cruise line is set to offer sailings out of five North American homeports on five separate ships for the 2025-2026 season.
Amtrak has expanded its Northeast Regional service to offer more travel choices along the U.S. East Coast. This enhancement includes the introduction of four extra weekday roundtrips and two new weekend roundtrips between New York Penn Station (NYP) and Washington Union Station (WAS), along with a fresh weekday morning departure from Philadelphia’s William H. Gray III 30th Street Station (PHL) to NYP. In addition, one new weekend departure now also connects PHL to Boston South Station (BOS).
Success Stories focus on veteran travel advisors and how they achieved success. Here’s a look at Niki Rakowitz, founder of Visionary CARE Travel and CT Signature Collection.
The much-anticipated ITB Berlin, the world’s premier B2B travel show, has kicked off on the Berliner Exhibition Grounds, showcasing an impressive international presence and a diverse range of exhibitors from across the globe. Spanning from March 5th to 7th, 2024, the event has recorded exceptional bookings, filling over 90 percent of the display area with 150,000 square meters dedicated to exhibitors from 170 countries and territories.
PriceTravel Holding, one of the biggest B2B and B2C travel companies in Latin America, is set to make a significant impact at ITB Berlin 2024. The company proudly announces an astounding +450% growth in its hotel portfolio through direct contracting, offering over 35,000 hotels and solidifying its position as a major player in the hospitality sector. This portfolio of hotels spans across 120 destinations, primarily in Latin America, the Caribbean, the United States, and Europe, ensuring a comprehensive and varied selection to meet B2B and B2C client demands. The key strategic agreements that position PriceTravel as the undisputed leader are based on three strategic pillars in terms of its contracted product: