NEW YORK (TheStreet) -- Shares of Starwood Hotels & Resorts Worldwide  (HOT) are up 6.67% to $75.98 in pre-market trade after it was reported that the hotel and leisure company will spin off Starwood Vacation Ownership, its 22 timeshare resorts, into a separate and publicly traded company.  It's expected to be completed by the end of 2015.

Starwood Vacation Ownership had revenue of about $640 million last year, and sold over $6 billion worth of timeshares to more than 220,000 buyers over the past 30 years, the Associated Press reports.

Also, Starwood reported fourth-quarter results today with an adjusted profit of 97 cents per share on revenue of $1.49 billion. Analysts polled by Zacks Investment Research expected a profit of 77 cents per share on revenue of $1.52 billion.

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The company sees first-quarter earnings between 53 and 57 cents per share. It sees 2015 earnings in a range of $2.87 to $2.97 per share.

Analysts surveyed by FactSet  projected first-quarter earnings of 63 cents per share and full-year earnings of $3.11 per share.

Separately, TheStreet Ratings team rates STARWOOD HOTELS&RESORTS WRLD as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate STARWOOD HOTELS&RESORTS WRLD (HOT) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, notable return on equity and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

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