New Public Company to be Named Vistana Signature Experiences;
on Vacation Ownership Business’ Rich 35-Year History
Spin-off Expected to be Complete by Year-End 2015
STAMFORD, Conn.--(BUSINESS WIRE)--
Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced a
key milestone toward the planned spin-off of its vacation ownership
business into a separate publicly traded company. Starwood Vacation
Ownership (SVO), which will be named Vistana Signature Experiences,
Inc. upon completion of the spin-off transaction, has filed an
initial Form 10 Registration Statement (Form 10) with the U.S.
Securities and Exchange Commission. The spin-off will be effected
through a pro rata distribution of the new entity’s stock to Starwood
stockholders, and is expected to be completed in the fourth quarter of
This Smart News Release features multimedia. View the full release here:
Adam Aron, Starwood’s Chief Executive Officer on an interim basis, said:
“Today’s filing is a pivotal step toward the planned spin-off of our
vacation ownership business, which will allow us to continue
participating in the timeshare industry while seeking to create
stockholder value for both companies. The spin-off will also further
advance our asset light strategy with the planned contribution of five
Starwood-owned resort assets to create future timeshare inventory for
the stand-alone company.”
SVO, previously known as Vistana, has a rich history, opening its doors
in 1980 with the debut of what was then Vistana Resort in Orlando, FL.
After many years of success and growth, the company was acquired by
Starwood in 1999 and later renamed Starwood Vacation Ownership to build
on its heritage and expand its collection of villa resorts under the
Westin® and Sheraton® brands. Today, SVO is a
premier provider of upper upscale leisure travel and vacation ownership
products, with resorts in the most desirable destinations throughout the
U.S., Hawai‘i, Mexico and the Caribbean.
Following completion of the spin-off transaction, Vistana Signature
Experiences will initially encompass nineteen vacation ownership resorts
and three fractional residence properties with additional hotel asset
inventory expected to be transferred from Starwood as part of the
transaction. Owners will continue to enjoy privileged access to the
industry-leading SPG program, providing a world-class portfolio of
resorts for the loyal SVO owner base.
“As we continue to work toward the successful launch of our company,
we’re pleased to unveil our corporate name, Vistana Signature
Experiences, which will take effect upon completion of the spin-off,”
said Matthew Avril, Chief Executive Officer-Elect of Vistana Signature
Experiences. “This new yet familiar name builds on our 35-year history
and recognized reputation for excellence. While our name is familiar,
our new look represents the exciting future opportunities that exist for
our owners, associates, guests and investors as we continue to deliver
exceptional experiences that our travelers have come to expect.”
Avril continued: “Vistana captures the essence of who we are: a
forward-looking company that empowers travelers to expand their travel
horizons, and see the world in new and unexpected ways. Signature
Experiences speaks to what our customers expect from us and what we
deliver—personalized travel experiences that are unique and memorable.
Vistana Signature Experiences will complement the strength of the iconic
Westin and Sheraton brands and the power of the SPG
program—all of which resonate and connect with our owners and guests.”
We invite you to preview a video introducing Vistana Signature
Experiences by clicking here http://www.starwoodvacationnetwork.com/news.
The spin-off remains subject to the approval of the Board of Directors
of Starwood Hotels & Resorts Worldwide, Inc. and the satisfaction of
certain other customary conditions, including the effectiveness of the
Form 10 Registration Statement. Starwood may, at any time until the
closing of the separation, decide to abandon, modify or change the terms
of the separation.
Starwood has retained Citigroup Global Markets Inc. and Credit Suisse as
financial advisers and Latham & Watkins LLP as legal counsel to advise
on the planned spin-off.
A copy of the Form 10 Registration Statement is available on the
investor relations section of Starwood’s website, http://www.starwoodhotels.com/corporate/about/investor/index.html.
About Starwood Hotels & Resorts Worldwide, Inc.
Hotels & Resorts Worldwide, Inc. is one of the leading hotel and
leisure companies in the world with more than 1,200 properties in some
100 countries and over 180,000 employees at its owned and managed
properties. Starwood is a fully integrated owner, operator and
franchisor of hotels, resorts and residences with the following
internationally renowned brands: St.
Luxury Collection®, W®,
Points® by Sheraton, Aloft®,
and the recently introduced Tribute
Portfolio™. The Company boasts one of the industry’s leading loyalty
Preferred Guest (SPG®), allowing members to earn and
redeem points for room stays, room upgrades and flights, with no
blackout dates. For more information, please visit www.starwoodhotels.com.
Note: This press release contains forward-looking statements within the
meaning of federal securities regulations. Forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties and other factors that may cause actual results to differ
materially from those anticipated at the time the forward-looking
statements are made. Risks and uncertainties are presented in detail in
our filings with the Securities and Exchange Commission and in the Form
10. There can be no assurance as to the development of future hotels in
the Company’s pipeline or additional vacation ownership units or that
the spin-off will be consummated by the end of 2015 or will ultimately
be consummated at all.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150616005902/en/
Source: Starwood Hotels & Resorts Worldwide, Inc.