Interval Leisure Group announced a meeting of stockholders for the acquisition of Vistana Signature Experiences.
Vistana is the vacation ownership business of Starwood Hotels & Resorts Worldwide.
Over 95% of the total votes cast by stockholders of ILG voted in favour of the proposed merger.
“We are pleased by the overwhelming support our stockholders expressed for this transaction. Their strong endorsement reaffirms our belief that this acquisition is in the best long-term interests of our company and our stockholders. We look forward to the closing and to successfully integrating these two industry-leading businesses,” said Craig M. Nash, chairman, president, and CEO of ILG.
Closing the deal remains subject to the satisfaction or waiver of customary closing conditions but ILG estimate the transaction to close on 30th April 2016.
Interval Leisure Group is a leading global provider of non-traditional lodging, encompassing a portfolio of leisure businesses from vacation exchange and rental to vacation ownership. In its exchange and rental segment, Interval International and Trading Places International offer vacation exchange and travel-related products to more than 2 million member families worldwide, while Hyatt Residence Club provides exchanges among its branded resorts in addition to its participation in the Interval Network. Aston Hotels & Resorts and Aqua Hospitality provide hotel and condominium rentals and resort management. In its vacation ownership segment, Vacation Resorts International, VRI Europe, Hyatt Vacation Ownership, and Trading Places provide management services to timeshare resorts and clubs, as well as homeowners’ associations.
Starwood Hotels & Resorts Worldwide is one of the leading hotel and leisure companies in the world with nearly 1,300 properties in approximately 100 countries and approximately 188,000 employees at its owned and managed properties. Starwood is a fully integrated owner, operator and franchisor of hotels, resorts and residences under the renowned brands: St. Regis, The Luxury Collection, W, Westin, Le Méridien, Sheraton,Tribute Portfolio Four Points by Sheraton, Aloft, Element, along with an expanded partnership with Design Hotels. The company also boasts one of the industry’s leading loyalty programs, Starwood Preferred Guest.
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