Financial Information
Business Segments
We are a diversified lodging company with operations in four business segments: North American Full-Service Lodging, North American Limited-Service Lodging, International Lodging, and Luxury Lodging. See Footnote No. 15, “Business Segments,” to our Financial Statements for further information on our segments, including how we aggregate our individual brands into each segment and other information about each segment, including revenues, net income (loss), equity in earnings (losses) of equity method investees, assets, and capital expenditures.
In addition to our four current segments, on November 21, 2011 we spun off our former timeshare operations and timeshare development business, which had until that time been our Timeshare segment, as a new independent company, MVW. See Footnote No. 15, “Business Segments,” to our Financial Statements for historical financial results of our former Timeshare segment and Footnote No. 16, “Spin-off” to our Financial Statements for more information on the spin-off. Also, see the “CONSOLIDATED RESULTS” caption earlier in this report for more information, including tables, on the impact of the spin-off.
At year-end 2012, we operated, franchised, and licensed the following properties by segment:
(1) North American includes properties located in the United States and Canada. International includes properties located outside the United States and Canada.
(2) Represents projects where we manage the related owners’ association. We include residential products once they possess a certificate of occupancy.
(3) Timeshare properties licensed by MVW under the Marriott Vacation Club, The Ritz-Carlton Destination Club, The Ritz-Carlton Residences, and Grand Residences by Marriott brand names. Includes products that are in active sales as well as those that are sold out.