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With shares up 50 percent for the year, Marriott Vacations CEO reveals his company's secret sauce

Key Points
  • "Mad Money" host Jim Cramer spoke to Marriott Vacations President and CEO Steve Weisz about how his business is faring with millennials and after hurricane season.
  • Weisz said that, contrary to popular belief, younger buyers are flocking to timeshares.
  • The CEO also spoke to his company's next steps in the wake of the hurricanes.
Marriott Vacations CEO reveals company's secret sauce

When you think of typical timeshare owners, social-media-shackled millennials may not seem like the prime example.

But Steve Weisz, the president and CEO of public timeshare provider Marriott Vacations Worldwide, told CNBC's Jim Cramer that the data suggest otherwise.

"[According to] some interesting statistics not only that we see, but also through the Timeshare Trade Association and the American Resort Development Association, the number of Gen X, Gen Y and millennials continues to grow as a percentage of the new-owner buyers that are coming into the marketplace," Weisz told the "Mad Money " host in an exclusive interview on Friday.

"While I think the traditional belief is that this is somewhat of a 'boomer' product, I believe that the statistics are proving that not to be true at all," the CEO added.

With Marriott Vacations shares up roughly 50 percent for the year, Weisz told Cramer that consumers' appetite for vacations is still intact, even after a particularly damaging hurricane season that barraged through the Caribbean and hit parts of the United States.

"We're very bullish about what we think the future to be, and we believe that the demand for vacationing, particularly in quality properties such as ours, is as good as it's ever been," Weisz said.

Hurricanes Irma and Maria did hit two of Marriott Vacations' properties in St. Thomas, which the CEO said would be reflected in the company's third-quarter results.

While the St. Thomas resorts endured no loss of life, according to Marriott Vacations' website, its Marriott Vacations Club in Frenchman's Cove and Ritz Carlton Club in Red Hook will have to pause operations as they undergo repairs, Weisz told Cramer.

"The Frenchman's Cove property will probably be able to take guests back, call it, end of November, early December. However, there is no permanent power to the resorts yet. That's going to be the biggest problem. We're currently operating on temporary generators there," Weisz said. "At the Ritz Carlton Club, I think it's going to be a little longer."

But when the conversation came to a recent Bloomberg report about Marriott Vacations making a takeover bid for fellow leisure company ILG, Weisz kept his cards close to his chest.

"We have a policy and a practice not to comment on speculation, so I'm afraid I can't give you any color one way or the other on that," the CEO said. "But, you know, stay tuned."

Watch Steve Weisz's full interview here:

With shares up 50 percent for the year, Marriott Vacations CEO reveals his company's secret sauce

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