Starwood Hotels & Resorts Worldwide announces a key milestone toward the planned spin-off of its vacation ownership business into a separate publicly traded company.
Starwood Vacation Ownership will be named Vistana Signature Experiences upon completion of the spin-off transaction, expected to be completed in the fourth quarter of 2015.
Adam Aron, Starwood?s interim chief executive officer, 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.?