Financial Information

Jump to a Section: Risk Factors Management’s Discussion and Analysis of Financial Condition and Results of Operations Quantitative and Qualitative Disclosures About Market Risk Management’s Reports Reports of Independent Registered Public Accounting Firm Financial Statements Notes to Consolidated Financial Statements Shareholder Return Performance Graph Quarterly Financial Data Selected Historical Financial Data Non-GAAP Financial Measures Reconciliations

BUSINESS SEGMENTS

We are a diversified lodging company with operations in four business segments: North American Full-Service, North American Limited-Service, International, and Luxury. See Footnote No. 14, “Business Segments,” for further information.

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. 14, “Business Segments,” for historical financial results of our former Timeshare segment and Footnote No. 15, “Spin-off” for more information.

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