Vistana Signature Experiences, the $1.5 billion vacation ownership affiliate of Starwood Hotels & Resorts Worldwide, has been acquired by South Miami-based Interval Leisure Group. The deal was inked by the boards of directors of both companies on Wednesday. According to the terms of the sale, ILG will remain headquartered in Miami, and Vistana will remain based out of Orlando. The deal is still contingent upon approval by regulatory and ILG shareholder approvals which is expected to happen in the second quarter of 2016.
With the completion of the transaction, Interval Leisure Group will grow to 200 resorts (up from 22) and 500,000 owners (up from 220,000) and will pick up the Sheraton Vacation Club, Westin Vacation Club and Hyatt Residence Club brands. Combining the businesses is expected save $26 million over the next five years.
