• Marriott to spin off timeshare

Marriott International has announced plans to spin off its timeshare operations and development business as an independent company through a tax-free dividend to shareholders in late 2011.

The news came as the group saw fourth-quarter net reported profit of $173m, up 63% on the year, with revenue rising 8% to $3.6bn. Revpar increased 7.6% in constant dollars, with the group reporting an increase of between 6% and 8% in 2011.

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