Starwood to spin off timeshare operation
Starwood Hotels & Resorts Worldwide Inc. will spin off Starwood Vacation Ownership into a separate, publicly traded company.
The global hotel and leisure entity announced Tuesday that the new company will operate its 22 timeshare resorts in destinations including Hawaii, the Caribbean, Mexico and Orlando, Fla., where it is headquartered, but that it also would expand its portfolio.
The timeshare operation reported revenue of $640 million in 2014.
