Marriott Vacations Worldwide has agreed to acquire ILG for about $4.7 billion in cash and stock to expand its presence in vacation clubs, especially in Mexico and the Caribbean.

The two companies have more than 100 vacation properties totaling more than 20,000 vacation-ownership units, and about 650,000 owners, and generate about $2.9 billion in annual revenue combined.

Once the transaction is completed, Marriott Vacations will oversee seven luxury and upper-upscale vacation brands, including Marriott Vacation Club, Ritz-Carlton Destination Club, Sheraton Vacation Club and St. Regis Residence Club.

The larger vacation-ownership company represents yet another perk for Marriott International's Marriott Rewards, Ritz-Carlton and SPG loyalty members, who have "exclusive access" to the properties, the companies said Monday.

The transaction also marks yet another example of consolidation within the vacation-ownership sector. ILG, which was formerly Interval Leisure Group, bought Hyatt Residential Group from Hyatt for about $220 million in 2014. The following year, Starwood said it would spin off its vacation-ownership business, and subsequently renamed the division Vistana Signature Experiences after Orlando's Vistana Resort.

ILG acquired Vistana Signature Experiences from Starwood for about $1.15 billion in May 2016.

Marriott International, the world's largest hotel company, spun off Marriott Vacations in 2011.


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