Hello, I’m Bill Marriott and it is a true pleasure to speak with you about the exciting future of Marriott Vacation Club International.
We’ve just announced plans to split Marriott International into two separate, publicly traded companies by the end of 2011. One will be focused on lodging and the other on timeshare. We believe it’s a win-win for both companies.
As a new company, our timeshare business will remain the exclusive developer of Marriott and The Ritz-Carlton timeshare properties. They’ll be focused on maximizing growth and development within this exciting industry. And at Marriott, we will concentrate even more closely on our global hotel management and franchise business.
For over twenty-six years, our timeshare business has grown to become the finest such system in the world, creating vacation memories that will last forever. The creation of an independent, public timeshare company will position the business to grow further and faster. This will in turn create new opportunities for our timeshare owners and our MVCI associates.
Our links will still be strong. Marriott will still be involved, and our name will still be over the door. Our timeshare owners and guests will see no change in the branding or quality of their properties, their use of Marriott Rewards points, or their access to our hotels. Both our timeshare owners and our hotel guests will continue to experience the welcoming Spirit to Serve culture that they currently enjoy.
Steve Weisz, who has led our timeshare business for some 14 years, will become Chief Executive Officer of the new company. Bill Shaw, who is retiring as Vice Chariman at Marriott, will serve as the new company’s Chairman of the Board.
I value what we have achieved in both the lodging and the timeshare business, and I am confident in the success to come for both companies. I am grateful for everything the incredible associates of our timeshare company have accomplished and I wish them the best. It’s a new and exciting time with new opportunities ahead.
I’m Bill Marriott and thanks for helping me keep Marriott on the move.