Marriott Vacations Worldwide Corp. (VAC, Financial) increased in the quarter after competitor Hilton Grand Vacations indicated it was considering the possible sale of its business to private equity, which helped boost multiples and share prices across the category. An acceleration of the company’s Starwood timeshare sales as a result of new sales channels and promising initial results from its digital marketing channels also helped boost its share price. The company accelerated its buybacks in the quarter.
From Ron Baron (Trades, Portfolio)'s Baron Partners Fund third-quarter 2019 shareholder letter.
