Marriott International, Inc. has officially spun-off its timeshare business, Marriott Vacations Worldwide Corporation, in order to fully focus on lodging management and franchise agreements.
Arne Sorenson, president and COO of Marriott International, said, “Looking ahead, while Marriott International will continue to benefit from the expected growth in its timeshare business through a royalty fee, the company will focus on growing the industry's best lodging brand portfolio, expanding on a global scale and opening doors to a world of opportunity.”
Marriott Vacations Worldwide Corporation has now begun trading on the NYSE. It is a global pure-play vacation ownership companies and it works with 60 resorts and approximately 400,000 owners and members from the Marriott Vacation Club, The Ritz-Carlton Destination Club and Grand Residences by Marriott. Its vacation ownership sales, financing, rentals and resort management helped to generate $1.6 billion in revenue in 2010.
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