Parsippany, N.J.-based Wyndham Worldwide Corp. filed a Form 10 registration statement with the SEC March 19 in relation to its plan to split its hotel business into two separate and publicly traded companies.
The hotel business will be known as Wyndham Hotels & Resorts Inc. and will focus on hotel franchising and management. Wyndham's timeshare business will be combined with RCI to form the world's largest vacation ownership and exchange company, named Wyndham Destinations Inc., the hospitality company said in a release.
Wyndham said the separation would not require a shareholder vote, but is subject to final approval by its board, among other customary conditions.
Completion of the spin-off is slated for the second quarter, along with Wyndham's planned sale of its European vacation rental business and its planned acquisition of La Quinta Holdings Inc.'s hotel franchising and management businesses. The La Quinta businesses will form part of Wyndham Hotels.