Marriott Vacations Worldwide Corporation is a global vacation ownership and management company that operates through two primary segments: Vacation Ownership and Exchange & Third-Party Management. The Vacation Ownership segment develops, markets, and sells vacation ownership products under exclusive long-term relationships with premium brands including Marriott, Sheraton, Westin, Hyatt, and The Ritz-Carlton, generating revenue from direct sales of vacation ownership interests, on-site resort and owners' association management, consumer financing of vacation ownership purchases, and rental of vacation inventory. The Exchange & Third-Party Management segment provides fee-based exchange networks and membership programs through its Interval International and Aqua-Aston businesses, along with property and owners' association management services to third-party resorts and lodging properties. The company operates a capital-efficient model leveraging licensed hotel brands, fee-based recurring services, consumer financing with securitization capabilities, and multiple monetization strategies including inventory repurchases and rental programs.