Hilton Grand Vacations reported financial results on Thursday, following recent reports from timeshare operator rivals Marriott Vacations Worldwide and Travel and Leisure Company.

Here are a few highlights, revealing broader dynamics in the segment.

Hilton Grand Vacations (HGV)

HGV is the timeshare leader by revenue size. Last year, it generated $3.978 billion in revenue and produced a net income of $313 million.

The group has risen in stature by acquiring two companies in the past two years, including Bluegreen Vacations in a $1.5 billion deal last November and Diamond Resorts for $1.4 billion in August 2021.

It has more than 150 resorts and “more than 525,000 club members.”

Mild hesitancy among new buyers

HGV executives said Thursday it had seen “some more hesitancy, particularly with new buyers” about signing up for deals, a dynamic they had seen since the second half of the third quarter persisting into early this year.

“The inflationary pressures out there have put some pressure on people’s ability to deal with their essential payments,” said Mark Wang, president and CEO of Hilton Grand Vacations.

Current owners of timeshares remain broadly resilient, however. A tiny uptick in the delinquency rate was “nothing overly material,” and default rates remain better than in 2019, executives said.

Sales, tech, and Maui hiccups

HGV actually had a bit of the opposite trouble last year with new owners. Its success at encouraging people, especially members of Hilton’s loyalty program, to take tours and learn about timeshare opportunities led to more demand than the group could efficiently handle.

“We grew our tour flow last year, our new owners’ tour flow, by 22% year-over-year, and that’s put a lot of pressure on our new agents,” Wade said. “That’s a lot to digest in a short period. So we started dialing back on a few of our lower, producing channels, starting the middle of the year.”

A travel tech glitch hurt fourth-quarter earnings. An accidental updating of software and hardware simultaneously effectively knocked offline the company’s sales system for a week, costing HGV roughly $14 million in EBITDA.

HGV’s business in West Maui remains in recovery mode, with hundreds of units offline, after August’s devastating wildfires.

“We had close to 100 team members who lost their homes there, so we committed to putting roofs over their heads,” Wade said. “We’re still housing about 40. We’ve lost a lot of sales staff to people leaving the area.”

For reference, rival Marriott Vacations Worldwide said that housing in Maui continued to be a challenge for residents, including many of its associates, too, and that it entered the new year with only about 75% of its sales organization locally back to pre-fire levels.