Financial research concept

Vacation Ownership Resort Management and Other Services Margin

measures resort management and other services profit divided by corresponding revenue.

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.

Reported revenue and profit nearly reconstruct the margin
Recurring-service economics were much higher margin than development
The margin is issuer-specific
Part of the Vacation Ownership Economics
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Vacation Ownership Resort Management and Other Services Margin measures resort-management and other-services profit divided by corresponding revenue.

Marriott Vacations Worldwide reported 54.1% in 2025.

Reported revenue and profit nearly reconstruct the margin

Resort management and other services revenue was $633 million and corresponding profit was $342 million.

Dividing $342 million by $633 million gives approximately 54.0%, essentially matching the reported 54.1% after rounding.

Recurring-service economics were much higher margin than development

Development profit margin was 23.0%.

The 54.1% resort-services margin was 31.1 percentage points higher.

Use Vacation Ownership Development Profit Margin to compare the two operating models.

The margin is issuer-specific

Management fees, ancillary services, cost allocation, and reimbursement treatment shape the result.

It is not directly comparable with hotel-management margins from other companies.

Primary source: Marriott Vacations Worldwide 2025 Form 10-K.

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

Recurring resort and exchange-member economicsCurrent relationship
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 MemberVacation Ownership Resort Management and Other Services MarginCurrent conceptVacation Ownership Resort Management and Other Services Profit Vacation Ownership Resort Management and Other Services Revenue Vacation Ownership Resort Occupancy
Tours, VPG, contract sales, and development economics
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 Sales Vacation Ownership Development Profit Vacation Ownership Development Profit Margin Vacation Ownership Sales Tours Vacation Ownership Volume per Guest
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 EconomicsRecurring resort and exchange-member economics6 of 6 bridge concepts supportedContinue through this bridge:Vacation Ownership Active Exchange Members Vacation Ownership Average Exchange Revenue per Member Vacation Ownership Resort Management and Other Services Profit Vacation Ownership Resort Management and Other Services Revenue Vacation Ownership Resort Occupancy

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Compare public companies

Compare the 54.1% recurring-services margin with development margin and the underlying revenue/profit reconstruction.

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