Shares of timeshare company Marriott Vacations Worldwide Corp. (VAC, Financial) increased in the quarter on accelerated sales driven largely by increased demand in Orlando and Hawaii, which together comprise 40% of its annual sales. The company's announcement of its acquisition of Welk also helped boost its share price. We think the additional inventory from its Welk acquisition will lower the company's future capital expenditures and improve its cash flow.
From Ron Baron (Trades, Portfolio)'s Baron Partners Fund first-quarter 2021 shareholder commentary.
Also check out:
