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Starwood's timeshare biz sale to Interval Leisure set to close by week's end

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Starwood's timeshare biz sale to Interval Leisure set to close by week's end

The closing of Interval Leisure Group Inc.'s of Starwood Hotels & Resorts Worldwide Inc.'s Vistana SignatureExperiences Inc. has been set for the end of the week of May 9 following a .

The parties have determined that any Interval common shares receivedas part of the firm's pending acquisition of Starwood Hotels' vacation ownershipbusiness carry no withholding tax under the Foreign Investment in Real PropertyTax Act of 1980.

Meanwhile, the parties said they are still confirming with theIRS whether any gain realized by a non-U.S. holder that is treated for tax purposesas owning up to 5% of the stock of Starwood and Vistana between and including therecord date and the closing date will not be subject to FIRPTA tax on the sale ofVistana's stock in the deal.

The transaction remains subject to customary closing conditions.