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<!-- EDGAR Online I-Metrix Xcelerate Taxonomy Schema, based on XBRL 2.1  http://www.edgar-online.com/ -->
<!-- Version: 6.14.9 -->
<!-- Round: a95eed96-9449-49e9-9b83-b6e43ab36758 -->
<!-- Creation date: 2012-05-02T02:21:06Z -->
<!-- Copyright (c) 2005-2011 EDGAR Online, Inc. All Rights Reserved. -->
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        <link:definition>101 - Document - Document and Entity Information</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
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        <link:definition>103 - Statement - INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS</link:definition>
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        <link:definition>104 - Statement - INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</link:definition>
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        <link:definition>105 - Statement - INTERIM CONSOLIDATED BALANCE SHEETS</link:definition>
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        <link:definition>106 - Statement - INTERIM CONSOLIDATED BALANCE SHEETS (Parenthetical)</link:definition>
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        <link:definition>107 - Statement - INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS</link:definition>
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        <link:definition>108 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</link:definition>
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        <link:definition>109 - Disclosure - INCOME TAXES</link:definition>
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        <link:definition>110 - Disclosure - NOTES RECEIVABLE</link:definition>
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        <link:usedOn>link:presentationLink</link:usedOn>
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        <link:definition>111 - Disclosure - FINANCIAL INSTRUMENTS</link:definition>
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        <link:usedOn>link:presentationLink</link:usedOn>
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        <link:definition>112 - Disclosure - EARNINGS PER SHARE</link:definition>
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        <link:usedOn>link:presentationLink</link:usedOn>
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        <link:definition>113 - Disclosure - INVENTORY</link:definition>
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        <link:definition>114 - Disclosure - PROPERTY AND EQUIPMENT</link:definition>
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        <link:definition>115 - Disclosure - CONTINGENCIES AND COMMITMENTS</link:definition>
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        <link:definition>116 - Disclosure - DEBT</link:definition>
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        <link:usedOn>link:presentationLink</link:usedOn>
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        <link:definition>117 - Disclosure - MANDATORILY REDEEMABLE PREFERRED STOCK OF CONSOLIDATED SUBSIDIARY</link:definition>
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        <link:definition>118 - Disclosure - SHARE-BASED COMPENSATION</link:definition>
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        <link:usedOn>link:presentationLink</link:usedOn>
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        <link:definition>119 - Disclosure - VARIABLE INTEREST ENTITIES</link:definition>
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        <link:usedOn>link:presentationLink</link:usedOn>
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        <link:definition>120 - Disclosure - RELATED PARTY TRANSACTIONS</link:definition>
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        <link:usedOn>link:presentationLink</link:usedOn>
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        <link:definition>121 - Disclosure - SHAREHOLDERS' EQUITY</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
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        <link:definition>122 - Disclosure - BUSINESS SEGMENTS</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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  <import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd"/>
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  <element name="IncreaseDecreaseInRewardsLoyaltyProgramPayable" id="vac_IncreaseDecreaseInRewardsLoyaltyProgramPayable" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="LiabilityForRewardsLoyaltyProgramCurrentAndNoncurrent" id="vac_LiabilityForRewardsLoyaltyProgramCurrentAndNoncurrent" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="NotesToFinancialStatementsAbstract" id="vac_NotesToFinancialStatementsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
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  <element name="RentalRevenue" id="vac_RentalRevenue" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
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