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Starwood discloses 'brief delay' in closing timeshare spinoff plan

StarwoodHotels & Resorts Worldwide Inc. and Interval Leisure Groupexpect to close their mergertransaction in May, subject to the satisfaction or waiver of customary closingconditions, instead of the anticipated April 30 closing date.

The merger involves the business combination of StarwoodHotels' vacation ownership business, Vistana Signature Experiences Inc., and anInterval Leisure subsidiary. The deal will have a total value to Starwood ofabout $1.5 billion, as previously reported.

The companies said in a joint statement that the "briefdelay" in the planned closing of the acquisition is due to work related toavoiding "unnecessary tax withholding" under the Foreign Investmentin Real Property Tax Act of 1980.

Starwood Hotels and Interval Leisure are finalizing theprocedures to determine the shareholders that are subject to the withholding.