In a press release earlier this week, Starwood announced that Starwood Hotels is spinning off its 22 timeshare resorts into a separate and publicly traded company.
That business, Starwood Vacation Ownership has sold more than $6 billion worth of timeshares to more than 220,000 buyers over the past 30 years. Starwood said Tuesday that the new company will establish long-term license agreements to maintain the company’s affiliations with Westin and Sheraton.
Starwood will transfer additional assets at Westin Los Cabos, Westin Cancun, Westin Puerto Vallarta, Sheraton Kauai and Sheraton Steamboat to the new company for timeshare development.
The spinoff is expected to be completed by year’s end.
In a letter to owners of Starwood timeshares, Starwood explained that all the benefits and features of ownership will continue through the transition and they will continue to provide the same valuable benefits.
Starwood Vacation Owners will continue to enjoy their timeshare resorts with current reservation guidelines and fees, exchange rules, reservation rights and exchange privileges through Starwood Vacation Network, Interval International and other current exchange options remaining the same. In addition, owners will continue to enjoy privileged access in the SPG Program.
The letter went on to explain that as part of the transaction the Starwood Vacation Ownership program will benefit from additional anticipated inventory in the above mentioned Starwood owned properties of Westin Los Cabos, Westin Cancun, Westin Puerto Vallarta, Sheraton Kauai and Sheraton Steamboat. In the meantime, owners can continue to access those hotel properties through the SPG program.
You may visit the Starwood Vacation Network website for additional information, news and details regarding this announcement.
Syed Sarmad, Principal Broker for Advantage Vacation