Marriott Finalizes Fractional, Timeshare Spin-offs

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Hospitality giant Marriott International has completed the spin-off of its fractional ownership and timeshare division, with equity shares of the new company, Marriott Vacations Worldwide Corporation, being distributed tax-free to Marriott International shareholders.

Marriott International's chairman and chief executive officer J.W. Marriott, Jr said, "Today is a milestone.  We are tremendously grateful for the business our colleagues built in the vacation ownership industry, and with the spin-off, we know that our timeshare brands being operated by Marriott Vacations Worldwide will be in the best hands with a company whose culture was 'built by Marriott'. We congratulate the Marriott Vacations Worldwide team on the successful launch of this exciting new company and wish them all the best."

"This is also a very special day for Marriott International.   More than ever, we are focused on an 'asset light' strategy, with 99 percent of our properties operated under long term management or franchise agreements.  We expect to continue to grow our system around the world with the leading brands in the industry," he added.

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