Chairman and chief executive officer of Marriott International, J.W. Marriott, Jr., announced the spin-off of its vacation ownership business, the Marriott Vacations Worldwide, as reported at PRNewswire.com. He is optimistic about the continuous global growth of Marriott International in the hospitality industry. Marriott International had been serving guests in more than 70 countries through its signature Marriott Hotels & Resorts, Courtyard by Marriott, Ritz-Carlton and Autograph Collection and AC by Marriott.
Since its founding nearly 85 years ago, never has Marriott International, Inc. (NYSE: MAR) been as fully focused on its core lodging management and franchise business as today, concluding the spin-off of its timeshare business. To complete the spin-off, equity shares of the new company, Marriott Vacations Worldwide Corporation (NYSE: VAC), are being distributed tax-free to Marriott International shareholders.
Marriott International also expects to file a Form 8-K report with the U.S. Securities and Exchange Commission later today containing unaudited pro forma condensed consolidated statements of income, as well as an unaudited pro forma condensed consolidated balance sheet for Marriott International reflecting the impact of the spin-off.