Marriott International has announced its board has approved the spin-off of its wholly owned subsidiary, Marriott Vacations Worldwide.

The move will be completed through the distribution of shares to holders of Marriott International common stock. 

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.

JW Marriott, Jr, chairman and chief executive officer of Marriott International, said: “Our associates in our timeshare business have built the industry’s most admired company, one that delivers the best vacations in the world to more than 400,000 Owner families. 

“As the leading “pure-play” timeshare company, Marriott Vacations Worldwide will have a singular focus on its core business with exclusive rights to the Marriott and Ritz-Carlton brands in the timeshare industry.

The spin-off will be completed through a pro rata dividend of Marriott Vacations Worldwide common stock on Monday, November 21st, 2011 to Marriott International shareholders of record as of the close of business of the New York Stock Exchange on Thursday, November 10th, 2011.