Marriott has a strong portfolio of resorts and hotels and a well respected reputation for consistently high quality service and product. But this new points offering is disappointing.

Marriott gets much more then the owner in this deal. Marriott gets paid up front to take back its ownership and voting rights, but not any economic responsibility normally associated with ownership. Marriott gets an additional annual fee in the form of club dues (an administrative add-on to an already lucrative management fee buried in the annual maintenance fees).

Marriott gives an internal exchange capability with the ability to travel where, when and for how long the guest wants.

Marriott leverages the transaction further by giving fewer points for a week then the week requires.

It also appears that weeks owners who do not join will be disadvantaged at their own resort with a priority booking capability for points owners.