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Interval Leisure to buy Starwood Hotels' vacation business for $1.5bn

Staff writer ▼ | October 28, 2015
Interval Leisure Group (ILG) said it would buy hotel operator Starwood Hotels & Resorts Worldwide's vacation ownership business, which it valued at about $1.5 billion.
Acquisition   ILG will get exclusive rights to Sheraton and Westin
ILG, which provides non-traditional lodging such as vacation rentals, said a unit would buy the business, Vistana Signature Experiences, after Starwood - which itself has been seeking a buyer - spins it off.

The deal will give ILG exclusive rights to Starwood's Sheraton and Westin brands in the vacation ownership market.

On completion of the deal, Starwood shareholders will own about 55 percent of the combined vacation ownership business on a fully diluted basis and ILG shareholders will own the rest.

The deal is expected to be tax-free to Starwood shareholders and close in the second quarter of 2016, the companies said.