Marriott Vacations Worldwide Provides Hurricane Dorian Update
ORLANDO, Fla. – September 25, 2019 – Marriott Vacations Worldwide Corporation (NYSE: VAC) provided an update today on the anticipated impact of Hurricane Dorian on its operations. While the company continues to assess the total impact resulting from Hurricane Dorian, as of today all of the impacted resorts have re-opened.
The company’s current assessment is that the physical damage resulting from Hurricane Dorian to the resorts and sales centers operated by the company was minimal. However, mandatory evacuations resulted in resort and sales center closures for several days at multiple locations and flight interruptions and cancellation of reservations and scheduled tours further impacted sales operations. The company expects contract sales in the third quarter to be adversely impacted by approximately $6 million to $8 million. In addition, the company expects Vacation Ownership rental and ancillary operations and its Exchange and Third-Party Management business to be negatively impacted. As a result, the company expects third quarter Adjusted EBITDA to be adversely impacted by approximately $3 million to $5 million.
About Marriott Vacations Worldwide Corporation
Marriott Vacations Worldwide Corporation is a leading global vacation company that offers vacation ownership, exchange, rental and resort and property management, along with related businesses, products and services. The company has a diverse portfolio that includes seven vacation ownership brands. It also includes exchange networks and membership programs, as well as management of other resorts and lodging properties. As a leader and innovator in the vacation industry, the company upholds the highest standards of excellence in serving its customers, investors and associates while maintaining exclusive, long-term relationships with Marriott International and Hyatt Hotels Corporation for the development, sales and marketing of vacation ownership products and services. For more information, please visit www.marriottvacationsworldwide.com.
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