Timeshare CEOs 'obscene' wages questioned as timeshare costs soar in 2024.
Timeshare is almost universally acknowledged by financial experts to be an overpriced and restrictive way to take vacations. With even entry level timeshare ownerships currently costing over $24,000 and average yearly maintenance fees of around $1200 per year, members may wonder how their hard earned cash is being spent by the resorts.
As a timeshare owner It may interest you to know how much of your money the major companies chose to pay their CEOs in the past financial year.
The top three timeshare companies in terms of net income for 2023 were:
Marriott Vacations, the third highest net revenue generator on the list endured a relatively difficult year of business, with it's stock price plunging by 38%. Their contract sales performed worse than projected and they also suffered from greatly reduced occupancy at their Hawaiian properties following the devastating wildfires on Maui.
Despite this drop in performance Marriott Vacations CEO, John Geller Jr still took home a very healthy $1.1 million or almost 19 times the American average salary. 63% of Geller's pay is based on stock performance and in previous years he has earned far more. In 2021 for example, he took home a mind blowing $17.4 million following the company's post-pandemic recovery.
Hilton Grand Vacations paid their CEO the second highest amount. Mark Wang who joined Hilton a quarter of a century ago and climbed the greasy pole all the way to the top job in the Orlando-based, worldwide timeshare company took home $6.7 million. Enough to pay 113 average American salaries.
The top earner for 2023 was Travel + Leisure Co's Michael Brown. Brown took home a staggering $8.4 million, the highest of any timeshare company CEO according to proxy statements filed in March 2024. Michael Brown's net salary would have covered an astounding 148 salaries for ordinary median income workers.
Travel + Leisure Co owns giant brands like Margaritaville Vacation Club, Shell Vacations Club and Wyndham Destinations. Travel + Leisure Co is the largest timeshare operator on earth.
"Many people struggling to pay inflated annual timeshare fees might be disappointed to see where that money is going," notes Greg Wilson, a timeshare expert with European Consumer Claims (ECC).
"In the post-COVID landscape with the global cost of living crisis and associated runaway inflation, money is tight for huge sections of society. To see timeshare fat cats being paid literally millions of dollars a year while their customers are being told to fork out for maintenance increases which even outstrip inflation is a kick in the teeth. Remember these are net take-home annual payments, after deductions!"
"Timeshare companies claim to sell luxury, but they sell it to people on ordinary wages. During challenging economic times these companies should be looking at ways to cut costs without lowering standards. Instead they are remunerating executives with multiple millions of dollars per year.
"In my personal opinion these kinds of excesses are unconscionable."
If you feel like that your timeshare no longer presents value for the money you are paying and want to explore your options for relinquishing the contract, get in touch with our team at Timeshare Advice Centre.
If you were mis-sold your membership you may even be entitled to significant financial compensation.
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