Marriott International Board Approves Spin-Off of Marriott Vacations Worldwide Corporation

Marriott International, Inc. MAR announced today that its Board of Directors approved the spin-off of its wholly owned subsidiary, Marriott Vacations Worldwide Corporation, through the distribution of shares to holders of Marriott International common stock. The Board of Directors also set the distribution ratio, record date, and distribution date for the spin-off. Upon completion of the spin-off, Marriott International shareholders will own all of the outstanding shares of Marriott Vacations Worldwide common stock. Marriott Vacations Worldwide will be the exclusive developer and manager of vacation ownership and related products under the Marriott brand and the exclusive developer of vacation ownership and related products under the Ritz-Carlton brand. Marriott International will concentrate on its lodging management and franchise business.