Marriott International has announced that it plans to split the company's hotel and timeshare businesses into two separate, publicly traded companies.

A new company, which reportedly will be the largest stand-alone timeshare company in the world, will be created exclusively to develop and operate timeshare and fractional products under the Marriott brand and develop fractional and related products under the Ritz-Carlton brand.

Marriott International will continue to focus on its hotel management and franchise business. The split is expected to happen later this year through a special tax-free dividend to Marriott International shareholders.

Bill Marriott will remain chairman of the board and Marriott's chief executive officer and Stephen P Weisz, the president of Marriott's timeshare business, will become chief executive officer of the new company.

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