UPDATE: Interval Leisure Group to Acquire Starwood Hotels and Resorts' Vacation Ownership Business

Interval Leisure Group IILG ("ILG"), and Starwood Hotels and Resorts Worldwide, Inc. HOT ("Starwood") today announced that the Boards of Directors of both companies have unanimously approved a definitive agreement under which a wholly owned subsidiary of ILG will acquire and then merge with and into Vistana Signature Experiences ("Vistana"). The combination, which will follow completion of the planned spin-off of Vistana from Starwood announced on February 10, 2015, has a total value to Starwood of approximately $1.5 billion. Vistana is a leading developer marketer and manager of 22 high-end vacation ownership resorts with more than 220,000 owners and a world-class team of more than 5,000 associates. As a result of this See full press release