Marriott International to spin off Marriott time share business

27 Oct 2011

Hotel operator Marriott International Inc. today said that its board had approved the spin-off of its wholly-owned subsidiary Marriott Vacations Worldwide Corp.

The spin-off will be through the distribution of shares to holders of Marriott International common stock on 21 November.  The board also set the distribution ratio, record date, and distribution date for the spin-off.

Upon completion of the spin-off, Marriott International shareholders will own all of the outstanding shares of Marriott Vacations Worldwide common stock.  Marriott Vacations Worldwide will be the exclusive developer and manager of vacation ownership and related products under the Marriott brand and the exclusive developer of vacation ownership and related products under the Ritz-Carlton brand. 

Marriott International will remain headquartered in Bethesda, Maryland, as a leading global lodging company, with nearly 3,700 properties across 18 brands in more than 70 countries. 

Orlando, Florida-based Marriott Vacations Worldwide has more than 60 resorts located in the US and abroad with more than 400,000 time-share customers. Its brands include the Marriott Vacation Club, Grand Residences by Marriott and The Ritz-Carlton Destination Club.

Marriott Vacations Worldwide plans to have its shares listed on the New York Stock Exchange under the symbol "VAC."

J W Marriott, Jr., chairman and CEO of Marriott International, said, "Our associates in our timeshare business have built the industry's most admired company, one that delivers the best vacations in the world to more than 400,000 Owner families.  As the leading "pure-play" timeshare company, Marriott Vacations Worldwide will have a singular focus on its core business with exclusive rights to the Marriott and Ritz-Carlton brands in the timeshare industry."