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Interval Leisure Group and Starwood Hotels and Resorts Worldwide Provide Update on Acquisition of Vistana Signature Experiences

MIAMI & STAMFORD, Conn., Apr 29, 2016 (BUSINESS WIRE) -- Interval Leisure Group, Inc. IILG, +3.37% (“ILG”) and Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) (“Starwood”) today announced a brief delay in the planned closing of ILG’s acquisition of Starwood’s vacation ownership business, Vistana Signature Experiences (“Vistana”), while both companies work to avoid unnecessary tax withholding under the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA), as discussed in Starwood’s and ILG’s Current Reports on Form 8-K, which were filed with the U.S. Securities and Exchange Commission on April 19, 2016. The companies are working to finalize the procedures to identify which shareholders are properly subject to this withholding.

The acquisition, which will occur through a merger of Vistana with a wholly-owned subsidiary of ILG following the spin-off of Vistana from Starwood, was previously expected to close on April 30, 2016, and is now expected to close in May, subject to satisfaction or waiver of customary closing conditions. As announced on October 28, 2015, the Boards of Directors of ILG and Starwood unanimously approved the transaction. On April 20, 2016, ILG stockholders voted to approve the share issuance in connection with the merger at a special meeting of stockholders, and the merger has received all necessary anti-trust approvals.

About Interval Leisure Group

Interval Leisure Group (ILG) 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 (TPI) 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...


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