Welk Resorts got its start in 1964 when television bandleader Lawrence Welk bought a motel and nine-hole golf course near San Diego as a place where he and his wife Fern could vacation with their kids and grandkids. Since 1999, the company has been led by Welk's grandson, President and CEO Jon Fredricks. In addition to Fredricks, Lawrence Welk's son, Larry Welk, is chairman of Welk Resorts' board and his great-grandson, Robert Segall, also works as a sales and marketing director for the business. Larry Welk launched Welk Resorts' vacation ownership business in 1985 with Lawrence Welk Resort Villas in Escondido, Calif., and, today, he is also CEO and chairman of a sister Welk company in the real estate and entertainment business, which is not a part of this acquisition. "We have been in the vacation ownership industry for decades and have deep respect for the strength of the Welk name, operation and legacy." "We appreciate that Welk Resorts' leadership has entrusted MVW to build on the solid foundation laid by generations of the Welk family and the company's team members," said MVW CEO Stephen Weisz. Our board and family recognized that its vision, resources and globally-recognized brand ensure the best long-term future for our valued team members and Owners," said Welk Resorts President and CEO Jon Fredricks, grandson of the late Lawrence Welk, the beloved television bandleader who started the Welk hospitality business. We are confident in MVW and its shared commitment to excellence. "It is bittersweet after 57 wonderful years of memories and accomplishments to be welcoming a new owner for Welk Resorts. This will bring the Hyatt Residence Club portfolio to 24 upper upscale resorts and complement its existing locations in Arizona, California, Colorado, Florida, Hawaii, Nevada, Puerto Rico and Texas. The process to integrate and rebrand the Welk Resorts properties and products will be a complex, longer-term initiative and subject to final approval from Hyatt Hotels Corporation. The acquisition is expected to close early in the second quarter of 2021.Īfter the transaction closes, MVW intends to rebrand the Welk-branded vacation resorts in California, Colorado, Missouri, New Mexico and Cabo San Lucas, Mexico as Hyatt Residence Club properties. SAN MARCOS, Calif., Jan. 26, 2021 /PRNewswire/ - Welk Hospitality Group has entered into an agreement with Marriott Vacations Worldwide Corporation ("MVW") (NYSE: VAC) to sell the Welk Resorts portfolio of vacation resorts, programs and property management contracts for approximately $430 million, including approximately 1.4 million MVW common shares.
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