The Group's principal activities are to provide individual consumers and business-to-business customers a broad suite of hospitality products and services across various accommodation alternatives. It operates in three Segments: Lodging Segment franchises hotels in the upscale, middle and economy segments of the lodging industry and provide property management services to owners of upscale branded hotels. Vacation Exchange and Rental business Segment provides vacation exchange products and services to owners of intervals of vacation ownership interests and markets vacation rental properties. Vacation Ownership business Segment markets and sells vacation ownership interests to individual consumers, provide consumer financing in connection with the sale of vacation ownership interests. The Group operates in the United States, United Kingdom, Western Continental Europe and South Africa.
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