By Howard Dicus
HONOLULU and WASHINGTON (HawaiiNewsNow) - Marriott International (NYSE: MAR) completed Monday its spin-off of its timeshare division as a separate company called Marriott Vacations Worldwide, which is now trading on the New York Stock Exchange under the ticker symbol VAC.
Marriott Vacations Worldwide now controls the six Marriott timeshare developments on three islands in Hawaii.
Shares will distributed proportionally to shareholders of Marriott International. By afternoon, EST, those shares were trading a little above $17 a share.
The new timeshare company is headquartered in Orlando while the Marriott International remains based in suburban Washington, D.C., where the Marriott family first launched its businesses.
"Today is a milestone," said Marriott CEO J.W. Marriott Jr. "We are tremendously grateful for the business our colleagues built."
The calving off of the timeshare properties reduces Marriott International's assets by $2.5 billion and reduces liabilities by $1.2 billion. Marriott International management has been reducing outright ownership of properties in favor of long-term management and franchise contracts.