Interval Leisure Group and Starwood Hotels & Resorts Worldwide Provide Update on Stockholder Tax Matters Related to Acquisition of Vistana Signature Experiences

MIAMI & STAMFORD, Conn.--(BUSINESS WIRE)--Interval Leisure Group, Inc. (NASDAQ: IILG) ("ILG") and Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) ("Starwood"), today announced that in connection with ILG's acquisition of Vistana Signature Experiences, Inc. ("Vistana") immediately after the spin-off of Vistana from Starwood on May 11, 2016, ILG has entered into a closing agreement, dated June 15, 2016, with the Internal Revenue Service concluding that (i) the Vistana common stock received by Starwood common stockholders in the spin-off and acquired by ILG in the acquisition is considered regularly traded on an established securities market for purposes of Sections 897 and 1445 of the Internal Revenue Code (collectively, "FIRPTA") and (ii) no withholding was required by ILG under FIRPTA on the transfer of ILG common stock to Starwood common stockholders as part of the acquisition. Based on the foregoing, Starwood and ILG believe that any gain realized on the exchange of Vistana common stock for ILG common stock in the acquisition by a non-U.S. holder who is treated for tax purposes as having owned 5% or less of the stock of each of Starwood and Vistana between and including March 28, 2016 (the record date for the spin-off) and May 11, 2016 should not be subject to tax under FIRPTA. Stockholders should consult their tax advisors as to the particular tax consequences to them of the transactions.