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After reporting on May 3rd 2016 that ‘Interval Leisure Group delays its acquisition of Vistana Signature Experiences’, a deal that was made in October 2015 and expected to close on April 30th 2016, we can confirm that this spinoff has been completed after only a short delay.  The delay was believed to have been caused by a tax issue which has now been resolved.

Starwood stockholders, now retain a 55 percent stake in Vistana Signature Experiences.  72.4 million ILG shares were sold to Starwood shareholders at a value of $14.24 per share and Interval Leisure Group also paid 123 million dollars in cash to Starwood.

This finalises the agreement for an 80-year global agreement which entitles Starwood to use the Westin and Sheraton brands.  Interval Leisure Group now boasts 250 plus resorts, with more than half a million owners.  Vistana resort owners can continue to use the Starwood preferred guest program.  Stephen Williams, chief operating officer of Vistana, said, “We look forward to bringing together our talented and experienced associates as we seamlessly integrate our two companies. Our owners will benefit from continued relationships with Westin®, Sheraton®, and SPG®, and receive even more of the valuable benefits and award-winning branded experiences that they’ve come to know and enjoy.”

ILG has also announced the appointment of four Starwood-designated directors to its board; Sergio D. Rivera, Stephen R. Quazzo, Lizanne Galbreath and Thomas O’Ryder.

This completion of the Vistana spinoff will assist Starwood with the completion of the agreement that they have with the Marriott Group expected to close around June 2016.  The sale of Vistana to ILG had to be completed before Marriott would finalise its acquisition of Starwood.

For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk