Financial research concept

Vacation Ownership Volume per Guest

measures contract sales generated per sales tour under the issuer's VPG methodology.

By Lee BaileyPublished Sep 26, 2026

Research context

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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.

VPG times sales tours produces about $1.639 billion
The implied sales volume was about 93% of reported contract sales
VPG is not average selling price
Part of the Vacation Ownership Economics
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Vacation Ownership Volume per Guest measures contract-sales volume generated per sales tour under Marriott Vacations' VPG methodology.

Marriott Vacations Worldwide reported $3,794 of VPG in 2025.

VPG times sales tours produces about $1.639 billion

Marriott reported 431,974 sales tours.

Multiplying $3,794 by 431,974 gives approximately $1.639 billion.

The implied sales volume was about 93% of reported contract sales

Contract sales were $1.762 billion. The $1.639 billion implied amount was about 93% of reported contract sales.

The difference shows that VPG is a productivity measure combining close rate and contract value, not a complete sales-accounting identity.

Use Vacation Ownership Contract Sales for the broader operating sales measure.

VPG is not average selling price

A higher close rate can raise VPG even if average contract value falls, and vice versa.

The metric should therefore be interpreted as funnel productivity rather than transaction pricing.

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 Sales Vacation Ownership Development Profit Vacation Ownership Development Profit Margin Vacation Ownership Sales ToursVacation Ownership Volume per GuestCurrent concept
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 Contract Sales Vacation Ownership Development Profit Vacation Ownership Development Profit Margin Vacation Ownership Sales Tours

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Compare public companies

Compare $3,794 VPG with tour volume and contract sales while preserving the productivity-versus-price boundary.

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