Marriott International is Cutting Back
Marriott International is cutting back on the high-demand home development business and is cutting prices at some of its fractional ownership resorts. Marriott is also planning to halt its timeshare development in Europe. However, according to a recent Orlando Sentinel story, Marriott officials report that their timeshare business run by Orlando based Marriott Vacation Club International is doing better than its high-end counterpart.
According to Marriott’s president and chief operating officer, Arne Sorenson, the significant decline in demand for luxury residential real estate is reflective of today’s economy. It also reflects the relative strength and deeper market of the traditional timeshare business, which while impacted by the weaker economy has proved to be more resilient.
Tags: International Timeshares, Marriott International, Marriott Vacation Club
