Marriott is venturing out with $240 million of bonds backed by timeshare loans, in what is likely one of the few offerings to launch while much of the industry gathers for a conference in Miami.

MVW Owner Trust 2014-1 will issue two tranches of notes, according to a presale report published by Fitch Ratings: a $216.5 million tranche with credit enhancement of 14% and a preliminary ‘A’ rating and $23.75 million tranche with credit enhancement of 4.5% and a preliminary ‘BBB’ rating. Both have a final maturity of September 2031.

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