Some 12% of the company is held in an employee stock ownership plan, or ESOP. When the markets came back, the family decided it was a good time to sell, he said. There was a desire for a liquidity event, Fredricks said.Įarly in the pandemic, the debt and capital markets were doing poorly. BofA approached private equity firms, strategic buyers in the hospitality industry and other investors.Īs with many families, family members had a certain amount of net worth in the company, yet no cash or access to cash. The process began in August, said Fredricks. The Welk family selected its best offer after BofA Securities solicited buyers for the business.
“They share the same values of excellence which makes this the perfect pairing to build on the foundation laid by the Welk team and generations of the Welk family.”įour generations of Welks have worked at the resort, he said. “We couldn’t be more excited for our Welk Resorts owners and team members to have MVW take us to this next chapter,” said Jon Fredricks, president and CEO of Welk Resorts, and the bandleader’s grandson. Welk Resorts is one of the largest independent timeshare companies in North America. It is an attractive price, said Stephen Weisz, CEO of Marriott Vacations Worldwide, in a shareholder call. 26 that the publicly traded company would buy Welk Resorts for approximately $430 million.
Marriott Vacations Worldwide (NYSE: VAC), which uses the Hyatt name under license, plans to close its acquisition of Welk Resorts during the second quarter. The family of television bandleader Lawrence Welk is selling eight properties - including its 450-acre, 714-unit timeshare luxury resort a few miles north of downtown Escondido - to a buyer that plans to rebrand the venues as Hyatt Residence Club resorts. The Welk Resorts name is taking its curtain call. Welk Resorts San Diego, which occupies 450 acres north of Escondido, will take on the Hyatt Residence Club name within a year.
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