Recently, Marriott International Inc (MAR) announced that Mitt Romney has resigned from the company’s board Wednesday. W. Mitt Romney is the former governor of Massachusetts and Republican Presidential candidate. According to a report from the Dow Jones Newswires,
“The announcement came a day after Marriott said William J. Shaw, a 37-year veteran and vice chairman of the company since 2009, will retire March 31. Shaw’s retirement was the third executive departure the company announced this month.
On Wednesday, the company said in conjunction with his retirement, Arne M. Sorenson, president and chief operating officer, will join Marriott’s board upon Shaw’s retirement.
The company in October reported it swung to a fiscal third-quarter profit on higher revenue, following a prior-year $502 million write-down at its timeshare business, as room rates continued to rise. Marriott has benefited in recent quarters from cost-cutting and increased corporate and leisure travel.”
In the past, Marriott found a great amount of profit from their timeshare business. I can honestly say that on the timeshare resales market, Marriott timeshares are the hottest commodity. And, yes, they are more of a commodity than a real property. Just look at timeshares and how they are valued. They’re worth roughly 25% less on the day you “drive it off the lot” from their showroom sales floor. What are timeshares worth? Follow this link to find out.
Marriott timeshares are a great value on the resale market. Don’t worry about Marriott. As always, they will survive.