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Marriott spins off time-share division

By Associated Press

LAST UPDATED: 2:44 p.m. HST, Nov 21, 2011

BETHESDA, Md. — Marriott International Inc. completed the spinoff of its time-share division as it focuses on its lodging management and franchise business.

The Bethesda, Md., company said Monday that shares of the new company, Marriott Vacations Worldwide Corp., are being distributed to existing Marriott shareholders.

The new company will trade under the stock ticker "VAC" on the New York Stock Exchange.

The company operated nearly 3,700 properties and time-shares at the end of the third quarter. Marriott's board approved the spinoff last month.

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