Interval Leisure Group Acquires Vistana Signature Experiences
Thursday, May 12, 2016
Interval Leisure Group has finally done it. The leading global provider of professionally delivered vacation experiences has locked down their acquisition of Vistana Signature Experiences. Vistana, a leading developer owner and operator of high-end vacation ownership resorts, has been purchased from Starwood Hotels & Resorts Worldwide, Inc for approximately approximately $123 million in cash subject to post-closing adjustment.
As a result, Starwood shareholders will receive approximately 72.4 million of ILG shares valued at $14.24 per share based on the closing price of ILG shares provided yesterday or approximately 0.4309 shares of ILG stock for every Starwood share owned.
“Today is a significant milestone for ILG and Vistana, as we merge two companies that share a passion to deliver exceptional vacations to our owners, members, and guests.” Craig M. Nash, chairman, president, and CEO of ILG, said. “With a portfolio that includes the worldwide exclusive rights in vacation ownership to the Sheraton®, Westin®, and Hyatt® brands, as well as a strong financial profile, we are positioned to continue to execute on our strategic vision.”
With the recent acquisition, ILG has reached new heights. They currently manage over 250 resorts, host over 550,000 owners, and employ about 10,000 people.
Vistana has also now been granted access to the use of the Sheraton and Westin brands in vacation ownership due to an exclusive, 80-year global license agreement that came with the acquisition. ILG also has a non-exclusive license for the existing St. Regis and The Luxury Collection vacation ownership properties.
“It is a great pleasure to welcome the 5,000 dedicated Vistana associates to the ILG family,” Nash said. “With our mutual commitment to vacation ownership, I am confident that the combined company is poised to create more value for our stockholders.”
For more information on Interval Leisure Group, visit their website.
Learn more about Vistana Signature Experiences and all the wonderful destinations in their collection.
