Marriott Vacations Worldwide have announced that it has completed the previously announced acquisition of Welk Resorts, one of the largest independent timeshare companies in North America, for $485 million, including approximately 1.4 million MVW common shares of stock.

"With its eight upper upscale ownership resorts located primarily on the West Coast, 55,000 Owners and three years of built inventory, Welk Resorts is a great addition to MVW," said Stephen P. Weisz, chief executive officer.

"This acquisition provides us with substantial future growth opportunities and, once all final approvals are obtained and the resorts are rebranded, will increase our Hyatt Residence Club footprint by 50%. Additionally, I would like to extend a very warm welcome to our new associates as they join our MVW family."

Welk Resorts opened its first vacation ownership resort in 1984 in San Diego (Escondido) – which currently sits on 450 sprawling acres – and offers Owners and guests an array of amenities to experience during their stay. Once combined, Hyatt Residence Club and Welk Resorts will offer Owners, Members and guests 24 vacation ownership properties with nearly 3,000 keys.