Interval Leisure Group (ILG), a Miami, Florida-based business providing alternative lodging to vacationers and travelers through rental and ownership arrangements, disclosed in a Securities and Exchange Commission (SEC) filing last week its intention to acquire Vistana Signature Experiences Inc.
Under the acquisition agreement, Vistana Signature Experiences will become the holding company for the vacation ownership division of Starwood Hotels & Resorts Worldwide Inc.
In October, ILG entered into a definitive merger agreement with Starwood by which “a wholly owned subsidiary of ILG will merge with and into Vistana after Vistana is spun off to Starwood stockholders,” the company said.
The acquisition, which must be approved by ILG stockholders, is expected to close in the second quarter of 2016
Together with Trading Places International (TPI), ILG’s own exchange and rental branch — Interval International — provides vacation exchanges and travel-related services to over 2 million members internationally in conjunction with Hyatt Residence Club resorts. The company offers hotel and condominium unit rentals, resort timeshares and club memberships, while its partners also handle homeowner association business management.
Founded in 1976, ILG operates offices in 16 nations with approximately 6,000 employees. Since 2008, it has been an independent publicly traded company.