Financial research concept

Vacation Ownership Contract Sales

measures gross vacation ownership interest contract sales before the issuer's sales-reserve and accounting adjustments.

By Lee BaileyPublished Sep 26, 2026

Research context

See what supports this page, how current it is, and where comparable or historical context is available.

Research date: Sep 26, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
Operating-model context: 17 connected conceptsPart of the reviewed Vacation Ownership Economics; issuer definitions remain distinct where disclosed.
Company examples: 1 reviewed companyRelationships reflect supported examples, not a normalized cross-company KPI ranking.

Sales tours times VPG produce about $1.639 billion
The gap shows why VPG is not a simple contract-sales reconstruction
Contract sales are not GAAP revenue
Part of the Vacation Ownership Economics
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Vacation Ownership Contract Sales measures gross vacation ownership interest sales before sales-reserve and revenue-recognition adjustments.

Marriott Vacations Worldwide reported $1.762 billion of contract sales in 2025.

Sales tours times VPG produce about $1.639 billion

Marriott reported 431,974 sales tours and $3,794 of volume per guest.

Multiplying them gives approximately $1.639 billion, about 93.0% of reported contract sales.

The gap shows why VPG is not a simple contract-sales reconstruction

Tour populations, sales timing, owner upgrades, channels, and issuer methodology can cause VPG times tours to differ from total contract sales.

Use Vacation Ownership Sales Tours and Vacation Ownership Volume per Guest as funnel metrics rather than forcing an exact equality.

Contract sales are not GAAP revenue

Rescissions, financing, collectibility, sales reserves, and accounting recognition conditions affect when operating sales become recognized revenue.

Primary source: Marriott Vacations Worldwide 2025 full-year results.

Part of the Vacation Ownership Economics

Connect tour flow, volume per guest, contract sales, development profit, recurring resort and exchange services, and consumer-financing credit and securitization economics across a branded vacation ownership platform.

Browse the full operating model in Company Analysis →

Where this concept fits

Tours, VPG, contract sales, and development economicsCurrent relationship
Sales tours are the funnel activity base, VPG combines closing performance and contract value, and contract sales measure gross signed vacation ownership sales. Development profit and margin then reflect product cost, marketing and sales expense, reserve assumptions, and inventory mix.
Vacation Ownership Contract SalesCurrent conceptVacation Ownership Development Profit Vacation Ownership Development Profit Margin Vacation Ownership Sales Tours Vacation Ownership Volume per Guest
Recurring resort and exchange-member economics
Resort management revenue, profit, and margin describe recurring services tied to the ownership base; occupancy mixes owner, preview, and transient use; and active Interval members plus revenue per member describe a separate exchange-network recurring-revenue stream.
Vacation Ownership Active Exchange Members Vacation Ownership Average Exchange Revenue per Member Vacation Ownership Resort Management and Other Services Margin Vacation Ownership Resort Management and Other Services Profit Vacation Ownership Resort Management and Other Services Revenue Vacation Ownership Resort Occupancy
Consumer financing, credit reserves, and securitization
Financing revenue monetizes the receivable base, gross originated notes show financed-sales exposure, the reserve and estimated remaining default rate frame expected credit loss, nonaccrual notes show stressed balances, and securitization proceeds show how receivables are funded and recycled into cash.
Vacation Ownership Average Remaining Default Rate Vacation Ownership Financing Revenue Vacation Ownership Nonaccrual Notes Receivable Vacation Ownership Notes Receivable Reserve Vacation Ownership Originated Notes Receivable Vacation Ownership Notes Receivable Securitization Proceeds

See It in Company Research

These companies are examples of how the concept is reported or discussed in public filings. Definitions can differ by issuer; these links open company research rather than a normalized metric comparison.

VACOpen operating-model research →17 of 17 reviewed concepts in Vacation Ownership EconomicsTours, VPG, contract sales, and development economics5 of 5 bridge concepts supportedContinue through this bridge:Vacation Ownership Development Profit Vacation Ownership Development Profit Margin Vacation Ownership Sales Tours Vacation Ownership Volume per Guest

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Compare public companies

Compare contract sales with tour volume and VPG while preserving the difference between funnel metrics and recognized revenue.

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