VAC
#Sure.
<UNK>, I mean, I think I might have said this one time before.
We really didn't strategically plan to add six new locations in one year.
By virtue of the way in which deals came together and the timing of same, that kind of all created the perfect storm of opportunity of having to open six in one year.
Ideally, we'd like to add one, two, three kind of on a yearly basis.
We have a very active development pipeline that we continue to look at, both in North American and in the Asia-Pacific region.
And I would expect us to continue to add along those lines.
Unfortunately, one of the things that happens with deals is you can't always control the exact timing of same.
So you could have a situation where some things kind of bunch up together but that's certainly not our intent.
Well, as you might imagine, we have an ongoing dialogue with Marriott as our licensor and we continue to have very good relationships with them.
Obviously, there are deep ties between our management team and those in Bethesda because of the long tenure that we enjoy here with our staff and we were all part of Marriott before that.
As you may recall, even last fall, we worked with Marriott to help them in their desires to try to link the two frequency programs together, that being Marriott Rewards and Starwood Preferred Guests, to allow some ability to have people take their earning experience in each program and apply them as separately or going across the system.
That needed some help from us to help make that happen given some of our exclusivity arrangements that we have on the loyalty program side.
Having said all that, Arnie Sorenson has been very forthcoming when he said the intent is over time is to eventually blend these two programs into one program.
And we will continue to work collaboratively with them to try to make sure that they can get to where they are they want to get to and we can preserve the value that we have in our license agreement.
Well, no.
I think you've articulated our position clearly and quite frankly by virtues of our license agreement that's what's stated in our license agreement, that we have exclusive space to the Marriott Rewards Program or it's successor program.
With that said, I can't speak for ILG and what their intentions are.
I know they have some rights to the SPG program.
But I'm uncertain to be honest, as to whether or not they have any continuing rights in the event that the SPG program is no longer viable or available.
So with all that said, we're going to do everything we can to try to make sure that we can be helpful to Marriott in what they want to do but we're not going to give up anything of value on our end.
Thank you.
Thanks.
Thank you very much, Rob.
So let me close by repeating my excitement for how we ended the year with the strongest quarter-over-quarter contract sales growth and EBITDA performance we've had as a public company.
And more importantly the momentum that we have carried into 2017.
I certainly like what I've seen so far this year and look forward to discussing our results on future calls.
And finally, to everyone on the call and your families, enjoy your next vacation.
Thank you very much.
