Starwood Hotels & Resorts Worldwide has filed to spin-off its vacation ownership business into a separate publicly traded company, which will be named Vistana Signature Experiences once the transaction goes through. The spin-off is expected to be completed in the fourth quarter of 2015.
Starwood Vacation Ownership, previously known as Vistana, debuted in 1980 with the opening of what was then Vistana Resort in Orlando, Fla. 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 provides upper upscale leisure travel and vacation ownership products, with resorts in top destinations throughout the United States, Hawaii, Mexico, and the Caribbean.
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. Owners will continue to enjoy privileged access to the SPG program.