Interval Leisure gets approval for Vistana Signature Experiences merger

Sheraton Vistana Resort Villas, Lake Buena Vista/Orlando

With all the attention focused on the Marriott/Starwood merger, another acqusition of a piece of Starwood's business has been kept somewhat quieter. Still, it's moving ahead: Interval Leisure Group is one step closer to taking over Vistana Signature Experiences, the vacation ownership business of Starwood Hotels & Resorts Worldwide, through a merger of Vistana with a wholly owned subsidiary of Interval Leisure Group. 

The proposal necessary for the acquisition was approved at a special meeting of ILG stockholders. More than 95 percent of the total votes cast by holders of ILG common stock present in person or represented by proxy at the meeting, representing over 92 percent of outstanding shares, voted in favor of the proposal to issue shares of ILG common stock in connection with the merger. When the acquisition was announced, it was reported to be worth $1.5 billion to Starwood. 

The merger has cleared anti-trust review in the United States and Mexico. Closing remains subject to the satisfaction or waiver of customary closing conditions, but if all goes well, ILG expects the transaction to close on April 30.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

Suggested Articles

In addition to a new deal to expand in Denmark, the chain also is growing in France, Greece and Vietnam.

The newly built property has 140 apartments across a mix of one-, two- and three-bedroom units.

Ahead of the Mediterranean Resort & Hotel Real Estate Forum, Joachim Schmitt discusses the hospitality investment climate.