Hotel operator Marriott International Inc on Tuesday said its board has approved the spin-off of its time share business, Marriott Vacations Worldwide Corp, to shareholders.

Under the plan, Marriott International shareholders will own all common shares of Marriott Vacations Worldwide, which will develop and manage vacation ownership and related products under the Marriott and Ritz-Carlton brands.

Meanwhile, Marriott International will focus on its lodging management and franchise business.

Marriott will distribute the shares of Marriott Vacations Worldwide as a dividend on November 21 to Marriott International shareholders of record as of November 10.

Each Marriott International shareholder will receive one share of Marriott Vacations Worldwide common stock for every 10 shares of Marriott International Class A common stock.

Marriott Vacations Worldwide plans to have its shares listed on the New York Stock Exchange under the symbol VAC.

Shares of Marriott on Tuesday closed down 2.3 percent at $31.11, while the overall S&P 500 was down 2 percent.

(Reporting by Ilaina Jonas; editing by Carol Bishopric)