On May 12, 2016, Interval Leisure Group (Nasdaq: IILG), a leading global provider of professionally delivered vacation experiences, announced completion of the acquisition of Vistana Signature Experiences, a leading developer, owner, and operator of high-end vacation ownership resorts, from Starwood Hotels & Resorts Worldwide (NYSE: HOT). Vistana has entered into an exclusive, 80-year global license agreement with Starwood for the use of the Westin® and Sheraton® brands in vacation ownership.
Combined company shareholders: Starwood shareholders to receive approximately 55% of shares
Board structure: 9 current directors from ILG and 4 directors appointed by Starwood
IMPORTANT INFORMATION REGARDING CALCULATION OF STOCKHOLDER’S TAX BASIS
As a result of the completion of the spinoff of Vistana Signature Experiences, Starwood stockholders are required to allocate the aggregate tax basis in their Starwood common stock held immediately before the Distribution among such shares and the shares of Vistana common stock treated as being received by such stockholders in the Distribution.
For additional information, please refer to the following document:
Form 8937: Report of Organizational Actions Affecting Basis of Securities
The information contained herein and in form 8937 and the attachment to the form does not constitute tax advice and does not purport to be complete or to describe tax consequences that may apply to particular categories of Starwood stockholders, including stockholders who are not U.S. holders (as defined in the Form S-4 referenced below) and who owned, for U.S. federal income tax purposes, more than five percent of the outstanding Starwood common stock. Starwood does not provide tax advice to its stockholders, or to SLC Operating Limited Partnership unitholders who received shares of Vistana common stock.
For additional information on the effect of the Merger on a stockholder's tax basis in Vistana common stock (and ILG common stock received in exchange therefor), see the Form 8937 (and the attachment thereto) with respect to the Merger posted on ILG’s website at www.iilg.com in the Investor Relations section.