Starwood Hotels & Resorts Worldwide’s planned spin-off of its vacation ownership business will be named Vistana Signature Experiences Inc. Starwood has filed an initial Form 10 Registration Statement with the U.S. Securities and Exchange Commission to rename what will become a new public company upon completion of the transaction.
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 2015.
“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,” said Starwood’s Interim CEO Adam Aron. “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 standalone company.”
Starwood Vacation Ownership was previously known as Vistana when it debuted in 1980 with the Vistana Resort in Orlando, Florida. Following completion of the spin-off transaction, Vistana Signature Experiences will initially encompass 19 vacation ownership resorts and three fractional residence properties with additional hotel-asset inventory expected to be transferred from Starwood as part of the transaction.
“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,” said Matthew Avril, chief executive officer-elect of Vistana Signature Experiences. ”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.”