Economic Downturn Sensitivity Risk: Timeshare sales and existing owner fee collections are highly susceptible to fluctuations in global and regional economic conditions, including consumer discretionary spending and confidence.

Reputational Damage and Perception Risk: Negative publicity, dissatisfaction with sales practices, or general public perception issues surrounding the timeshare industry could significantly harm HGV's brand image and impact future sales.

Intense Competition Risk: HGV operates in a highly competitive market against other timeshare developers, traditional hotel chains, and alternative vacation accommodation providers, which could limit market share and pricing power.