By the Caribbean Journal staff
Interval Leisure Group has acquired Starwood Hotels and Resorts’ Vacation Ownership Business, the companies announced.
The move came after approval by the boards of directors of both companies.
Under the agreement, a wholly-owned subsidiary of ILG will acquire and then merge with and into Vistana Signature Experiences.
The combination will follow completion of the planned spinoff of Vistana from Starwood first announced earlier this year.
Starwood said the combination had a total value to the company of around $1.5 billion.
“This transformational transaction creates significant value for the shareholders of both companies and positions us at the forefront of a rapidly evolving industry,” said Craig Nash, Chairman, President and CEO of ILG. “By bringing together ILG and Vistana, two companies with long histories of hospitality brand stewardship and leadership, we are creating a company with strong positions from which to offer highly attractive and complementary product offerings. We will continue to grow our full suite of brands, including Hyatt Residence Club, Sheraton Vacation Club and Westin Vacation Club, and the combined company will maintain an enhanced portfolio of properties, services and expertise to provide guests with the top, high-quality vacation ownership brands and best vacation experiences in the industry.”
Interval is one of the Caribbean’s biggest timeshare players.