Following in the footsteps of rival Marriott International Inc., Hilton Worldwide confirmed plans this morning to split off its timeshare business, Hilton Grand Vacations. The timeshare company, which has accounted for roughly 12% of Hilton's total revenue, will form a separate publicly traded company. Under the terms of the separation, Hilton Grand Vacations will maintain a portfolio of appoximately 50 club resorts in the United States and Europe. Additionally, it will have an exclusive, long-term licensing agreement with Hilton to market, sell and operate resorts. The spinoff is expected to be complete by the end of the year.

What it Means for HGV Owners: Not much at all. This change is of interest to shareholders, but HGV club members shouldn't expect to experience any real impact. The same management personnel and policies will likely remain in place.