Starwood Hotels & Resorts Worldwide Inc. plans to list its timeshare unit, Vistana Signature Experiences Inc., on the New York Stock Exchange by the end of this year.
The new public company will be listed under the ticker VSE, Starwood said in a statement Tuesday. The new company includes 19 vacation ownership resorts and three other properties, with Starwood adding more hotel inventory as part of the transaction, Starwood said.
“Today’s filing is a pivotal step toward the planned spinoff of our vacation ownership business,” Adam Aron, Starwood’s interim chief executive officer, said in the statement. “The spinoff will also further advance our asset light strategy.”
Starwood, which owns the Sheraton and W brands, in February announced the plan to spin off the timeshare unit. Starwood has been moving to cut real estate holdings to focus on property management and franchising. It’s slimmed down after several dispositions, including its Sheraton on the Park in Sydney sale to China’s Sunshine Insurance Group in November.
Vistana will offer luxury vacation ownership and travel products in resorts in the U.S., Hawaii, Mexico, and the Caribbean.
This article was written by Katia Dmitrieva from Bloomberg and was legally licensed through the NewsCred publisher network.