Subsequent Events	9 Months Ended
Sep. 30, 2012
Subsequent Events	Note 22. Subsequent Events On October 2, 2012, the Company completed the sale of certain wholly-owned hotels, which were classified as assets held for sale as of September 30, 2012. The sales of these hotels closed, unencumbered by management or franchise agreements, and the Company received cash proceeds of approximately $265 million, net (see Note 6). On October 24, 2012, the Company completed a securitization involving the issuance of $166 million of fixed rate notes secured by approximately $174 million in timeshare mortgages resulting in an advance rate of 95% with an effective note yield of 2.02%. The proceeds from the transaction will be used for general corporate purposes and to repay the securitized vacation ownership debt related to the 2005 securitization. The securitization transaction does not qualify as a sale for accounting purposes and, accordingly, no gain or loss was recognized. The costs associated with the transaction are expected to total $2 million and will be recognized using the effective interest method. The Company received total unrestricted net cash proceeds from the transaction of approximately $140 million.

Subsequent Events

9 Months Ended

Sep. 30, 2012

Note 22. Subsequent Events

On October 2, 2012, the Company completed the sale of certain wholly-owned hotels, which were classified as assets held for sale as of September 30, 2012. The sales of these hotels closed, unencumbered by management or franchise agreements, and the Company received cash proceeds of approximately $265 million, net (see Note 6).

On October 24, 2012, the Company completed a securitization involving the issuance of $166 million of fixed rate notes secured by approximately $174 million in timeshare mortgages resulting in an advance rate of 95% with an effective note yield of 2.02%. The proceeds from the transaction will be used for general corporate purposes and to repay the securitized vacation ownership debt related to the 2005 securitization. The securitization transaction does not qualify as a sale for accounting purposes and, accordingly, no gain or loss was recognized. The costs associated with the transaction are expected to total $2 million and will be recognized using the effective interest method. The Company received total unrestricted net cash proceeds from the transaction of approximately $140 million.