Marriott International board oks time-share spin-off
(Reuters) - Hotel operator Marriott International Inc MAR.N on Tuesday said its board has approved the spin-off of its time share business, Marriott Vacations Worldwide Corp, to shareholders.
Under the plan, Marriott International shareholders will own all common shares of Marriott Vacations Worldwide, which will develop and manage vacation ownership and related products under the Marriott and Ritz-Carlton brands.
Meanwhile, Marriott International will focus on its lodging management and franchise business.
Marriott will distribute the shares of Marriott Vacations Worldwide as a dividend on November 21 to Marriott International shareholders of record as of November 10.
Each Marriott International shareholder will receive one share of Marriott Vacations Worldwide common stock for every 10 shares of Marriott International Class A common stock.
Marriott Vacations Worldwide plans to have its shares listed on the New York Stock Exchange under the symbol "VAC."
Shares of Marriott on Tuesday closed down 2.3 percent at $31.11, while the overall S&P 500 was down 2 percent.
(Reporting by Ilaina Jonas; editing by Carol Bishopric)
- 'Weird Al' Yankovic still trying to wrap head around No. 1 album
- French warplanes search Mali desert for crashed Air Algerie plane |
- Wreckage of Air Algerie plane carrying 116 people found in Mali |
- Crunch time for Gaza truce talks as death toll passes 800 |
- World's oldest joke traced back to 1900 BC