Economics

Starwood Selling Vistana Timeshare Unit to Interval Leisure

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By Oshrat Carmiel

October 28, 2015 at 11:08 AM UTC

Updated on

October 28, 2015 at 11:57 AM UTC

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Starwood Hotels & Resorts Worldwide Inc. has agreed to spin off and sell its timeshare unit to Interval Leisure Group Inc. in a deal valued at about $1.5 billion.

The transaction for the unit, called Vistana Signature Experiences, includes 22 timeshare resorts with more that 220,000 owners and more than 5,000 employees, according to a statement from both firms on Wednesday.