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VACATION OWNERSHIP NOTES RECEIVABLE (Tables) | 3 Months Ended
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Mar. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items] |
Composition of vacation ownership notes receivable balances, net of reserves | The following table shows the composition of our vacation ownership notes receivable balances, net of reserves.
| March 31, 2025 |  | December 31, 2024
($ in millions) | Originated |  | Acquired |  | Total |  | Originated |  | Acquired |  | Total
Securitized | $ | 1,876 |  |  | $ | 83 |  |  | $ | 1,959 |  |  | $ | 1,824 |  |  | $ | 93 |  |  | $ | 1,917 |
Eligible for securitization(1) | 59 |  |  | — |  |  | 59 |  |  | 92 |  |  | 2 |  |  | 94 |
Not eligible for securitization(1) | 416 |  |  | 12 |  |  | 428 |  |  | 417 |  |  | 12 |  |  | 429 |
Non-securitized | 475 |  |  | 12 |  |  | 487 |  |  | 509 |  |  | 14 |  |  | 523 |
Total | $ | 2,351 |  |  | $ | 95 |  |  | $ | 2,446 |  |  | $ | 2,333 |  |  | $ | 107 |  |  | $ | 2,440 |
(1)Refer to Footnote 6 “Financial Instruments” for discussion of eligibility of our vacation ownership notes receivable for securitization.
Interest income associated with vacation ownership notes receivable | The following table summarizes interest income associated with vacation ownership notes receivable.
| Three Months Ended |  |
($ in millions) | March 31, 2025 |  | March 31, 2024 |  |  |  |
Interest income - securitized vacation ownership notes receivable | $ | 74 |  |  | $ | 71 |  |  |  |  |
Interest income - non-securitized vacation ownership notes receivable | 12 |  |  | 10 |  |  |  |  |
Total interest income associated with vacation ownership notes receivable | $ | 86 |  |  | $ | 81 |  |  |  |  |
Financing receivable, nonaccrual | The following table shows our recorded investment in non-accrual vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due.
| Vacation Ownership Notes Receivable
($ in millions) | Non-Securitized |  | Securitized |  | Total
Investment in vacation ownership notes receivable on non-accrual status at March 31, 2025 | $ | 165 |  |  | $ | 24 |  |  | $ | 189 |
Investment in vacation ownership notes receivable on non-accrual status at December 31, 2024 | $ | 171 |  |  | $ | 24 |  |  | $ | 195 |
Aging of recorded investment in principal, before reserves, in vacation ownership notes receivable | The following table shows the aging of the recorded investment in principal, before reserves, in vacation ownership notes receivable as of March 31, 2025 and December 31, 2024.
| As of March 31, 2025 |  | As of December 31, 2024
($ in millions) | Non-Securitized |  | Securitized |  | Total |  | Non-Securitized |  | Securitized |  | Total
31 – 90 days past due | $ | 25 |  |  | $ | 65 |  |  | $ | 90 |  |  | $ | 29 |  |  | $ | 74 |  |  | $ | 103 |
91 – 120 days past due | 7 |  |  | 19 |  |  | 26 |  |  | 11 |  |  | 19 |  |  | 30 |
Greater than 120 days past due | 158 |  |  | 5 |  |  | 163 |  |  | 160 |  |  | 5 |  |  | 165 |
Total past due | 190 |  |  | 89 |  |  | 279 |  |  | 200 |  |  | 98 |  |  | 298 |
Current | 544 |  |  | 2,151 |  |  | 2,695 |  |  | 579 |  |  | 2,099 |  |  | 2,678 |
Total vacation ownership notes receivable | $ | 734 |  |  | $ | 2,240 |  |  | $ | 2,974 |  |  | $ | 779 |  |  | $ | 2,197 |  |  | $ | 2,976 |
Acquired |
Accounts, Notes, Loans and Financing Receivable [Line Items] |
Future principal payments, net of reserves, and interest rates of vacation ownership notes receivable | The following table shows future contractual principal payments, net of an $8 million reserve, and interest rates for our acquired vacation ownership notes receivable at March 31, 2025.
| Acquired Vacation Ownership Notes Receivable
($ in millions) | Non-Securitized |  | Securitized |  | Total
2025, remaining | $ | 4 |  |  | $ | 17 |  |  | $ | 21 |
2026 | 3 |  |  | 20 |  |  | 23 |
2027 | 2 |  |  | 16 |  |  | 18 |
2028 | 1 |  |  | 10 |  |  | 11 |
2029 | 1 |  |  | 7 |  |  | 8 |
Thereafter | 1 |  |  | 13 |  |  | 14 |
Balance at March 31, 2025 | $ | 12 |  |  | $ | 83 |  |  | $ | 95 |
Weighted average stated interest rate | 13.7% |  | 14.2% |  | 14.1%
Range of stated interest rates | 0.0% to 21.9% |  | 0.0% to 21.9% |  | 0.0% to 21.9%
Financing receivable credit quality indicators | The following tables show the acquired vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination.
| Acquired Vacation Ownership Notes Receivable as of March 31, 2025
($ in millions) | 700+ |  | 600 - 699 |  | < 600 |  | No Score |  | Total
Marriott Vacation Ownership | $ | 27 |  |  | $ | 19 |  |  | $ | 3 |  |  | $ | 4 |  |  | $ | 53 |
Hyatt Vacation Ownership | 31 |  |  | 19 |  |  | — |  |  | — |  |  | 50 |
| $ | 58 |  |  | $ | 38 |  |  | $ | 3 |  |  | $ | 4 |  |  | $ | 103 |
| Acquired Vacation Ownership Notes Receivable as of December 31, 2024
($ in millions) | 700+ |  | 600 - 699 |  | < 600 |  | No Score |  | Total
Marriott Vacation Ownership | $ | 30 |  |  | $ | 21 |  |  | $ | 3 |  |  | $ | 5 |  |  | $ | 59 |
Hyatt Vacation Ownership | 34 |  |  | 22 |  |  | — |  |  | 1 |  |  | 57 |
| $ | 64 |  |  | $ | 43 |  |  | $ | 3 |  |  | $ | 6 |  |  | $ | 116 |
Originated |
Accounts, Notes, Loans and Financing Receivable [Line Items] |
Future principal payments, net of reserves, and interest rates of vacation ownership notes receivable | The following table shows future principal payments, net of reserves, and interest rates for our originated vacation ownership notes receivable at March 31, 2025.
| Originated Vacation Ownership Notes Receivable
($ in millions) | Non-Securitized |  | Securitized |  | Total
2025, remaining | $ | 66 |  |  | $ | 108 |  |  | $ | 174 |
2026 | 63 |  |  | 153 |  |  | 216 |
2027 | 57 |  |  | 160 |  |  | 217 |
2028 | 49 |  |  | 167 |  |  | 216 |
2029 | 40 |  |  | 168 |  |  | 208 |
Thereafter | 200 |  |  | 1,120 |  |  | 1,320 |
Balance at March 31, 2025 | $ | 475 |  |  | $ | 1,876 |  |  | $ | 2,351 |
Weighted average stated interest rate | 11.5% |  | 13.4% |  | 12.9%
Range of stated interest rates | 0.0% to 20.9% |  | 0.0% to 20.9% |  | 0.0% to 20.9%
Notes receivable reserves |
| Originated Vacation Ownership Notes Receivable Reserve
($ in millions) | Non-Securitized |  | Securitized |  | Total
Balance at December 31, 2024 | $ | 252 |  |  | $ | 275 |  |  | $ | 527 |
Increase in vacation ownership notes receivable reserve | 42 |  |  | 7 |  |  | 49 |
Securitizations | (35) |  |  | 35 |  |  | — |
Write-offs | (56) |  |  | — |  |  | (56) |
Defaulted vacation ownership notes receivable repurchase activity(1) | 41 |  |  | (41) |  |  | — |
Balance at March 31, 2025 | $ | 244 |  |  | $ | 276 |  |  | $ | 520 |
(1)Reflects the change attributable to the transfer of the reserve from the securitized vacation ownership notes receivable reserve to the non-securitized vacation ownership notes receivable reserve when we voluntarily repurchased securitized vacation ownership notes receivable.
Financing receivable credit quality indicators | The following tables show originated vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination.
| Originated Vacation Ownership Notes Receivable as of March 31, 2025
($ in millions) | 700 + |  | 600 - 699 |  | < 600 |  | No Score |  | Total
Marriott Vacation Ownership | $ | 1,527 |  |  | $ | 628 |  |  | $ | 57 |  |  | $ | 374 |  |  | $ | 2,586 |
Hyatt Vacation Ownership | 208 |  |  | 72 |  |  | 2 |  |  | 3 |  |  | 285 |
| $ | 1,735 |  |  | $ | 700 |  |  | $ | 59 |  |  | $ | 377 |  |  | $ | 2,871 |
| Originated Vacation Ownership Notes Receivable as of December 31, 2024
($ in millions) | 700 + |  | 600 - 699 |  | < 600 |  | No Score |  | Total
Marriott Vacation Ownership | $ | 1,513 |  |  | $ | 634 |  |  | $ | 58 |  |  | $ | 365 |  |  | 2,570 |
Hyatt Vacation Ownership | 210 |  |  | 75 |  |  | 2 |  |  | 3 |  |  | 290 |
| $ | 1,723 |  |  | $ | 709 |  |  | $ | 60 |  |  | $ | 368 |  |  | $ | 2,860 |
The following tables detail the origination year of our originated vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination as of March 31, 2025, and gross write-offs by brand for the first quarter of 2025.
| Originated Vacation Ownership Notes Receivable - Marriott Vacation Ownership
($ in millions) | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 & Prior |  | Total
700 + | $ | 135 |  |  | $ | 499 |  |  | $ | 341 |  |  | $ | 234 |  |  | $ | 318 |  |  | $ | 1,527 |
600 - 699 | 38 |  |  | 175 |  |  | 138 |  |  | 110 |  |  | 167 |  |  | 628 |
< 600 | 4 |  |  | 17 |  |  | 12 |  |  | 9 |  |  | 15 |  |  | 57 |
No Score | 51 |  |  | 155 |  |  | 78 |  |  | 37 |  |  | 53 |  |  | 374 |
| $ | 228 |  |  | $ | 846 |  |  | $ | 569 |  |  | $ | 390 |  |  | $ | 553 |  |  | $ | 2,586 |
Gross write-offs | $ | 1 |  |  | $ | 2 |  |  | $ | 18 |  |  | $ | 11 |  |  | $ | 13 |  |  | $ | 45 |
| Originated Vacation Ownership Notes Receivable - Hyatt Vacation Ownership
($ in millions) | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 & Prior |  | Total
700 + | $ | 31 |  |  | $ | 73 |  |  | $ | 47 |  |  | $ | 37 |  |  | $ | 20 |  |  | $ | 208 |
600 - 699 | 8 |  |  | 26 |  |  | 17 |  |  | 14 |  |  | 7 |  |  | 72 |
< 600 | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 2 |
No Score | — |  |  | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  | 3 |
| $ | 40 |  |  | $ | 101 |  |  | $ | 65 |  |  | $ | 51 |  |  | $ | 28 |  |  | $ | 285 |
Gross write-offs | $ | — |  |  | $ | 2 |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | 1 |  |  | $ | 11 |

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