Below is a letter that is being sent to Westin/Starwood owners explaining the acquisition of Starwood Vacation Ownership by Interval Leisure Group:
Earlier this year, Starwood Hotels & Resorts (Starwood) announced its intention to spin off its vacation ownership business into a stand-alone, public company. Today, we are excited to share that immediately following the spin, Starwood Vacation Ownership will be acquired by Interval Leisure Group (ILG), to become one of the industry’s largest providers of world-class vacation experiences. We anticipate this transaction to be completed in the second quarter of 2016, when we officially become a wholly-owned subsidiary of ILG.
ILG is a global provider of non-traditional lodging with a portfolio of leisure businesses, including branded vacation ownership, vacation rentals and resort management, that currently operates more than 200 resort properties around the world. As an Owner, you may be familiar with Interval International® – their exchange subsidiary – and a valued partner with us over the past 15 years. With the combination of our two companies, we will create a stronger, more integrated timeshare and exchange business resulting in a more robust portfolio of vacation offerings for Owners and Guests.
We will continue to be the exclusive provider of vacation ownership for the renowned Westin® and Sheraton® brands, while providing all of the features and benefits of ownership you have come to expect. As an Owner, you will continue enjoying your timeshare resorts as you always have as well as continued access to the industry-leading Starwood Preferred Guest® (SPG) program. Current reservation guidelines and fees, exchange rules, reservation rights, and exchange privileges through Starwood Vacation Network℠, Interval International and other current exchange options will all remain the same.
This announcement reinforces our plans for accelerated growth as ILG is committed to invest in new Westin and Sheraton properties. Most notably, The Westin Nanea Ocean Villas, currently under construction, will be the newest resort on beautiful Kā‘anapali Beach in Maui, opening in 2017. In early 2016, we are also scheduled to begin converting the remaining 96 poolside hotel rooms into vacation ownership villas at The Westin St. John Resort & Villas.
In addition, the five transferring Starwood properties announced earlier this year remain part of the transaction and are anticipated to provide additional inventory for Owners over time, including The Westin Resort & Spa, Los Cabos; The Westin Cancún Resort & Spa; The Westin Resort & Spa, Puerto Vallarta; Sheraton Kaua‘i Resort; and Sheraton Steamboat Resort. You can continue to access these hotel properties through the SPG program.
We believe becoming part of ILG is transformational for our company and holds great value for our Owners. This transaction puts us at the forefront of our industry, offering you and your family even more choices for unique and memorable vacation experiences.
Thank you for your continued loyalty. We are excited about our bright future together and will update you as more details become available. To view today’s press release and for a list of questions and answers, click here.
Stephen G. Williams
Chief Operating Officer