About 3 percent of Stamford-based Starwood Hotels & Resorts Worldwide employees, or 5,300 in all, will transfer to Vistana Signature Experiences when the new vacation timeshare company is spun off from Starwood Vacation Ownership later this year.
Vistana will be based at Starwood Vacation Ownership’s existing offices in Orlando, Fla.
Starwood announced the planned spinoff in February and on Tuesday filed additional details with the Securities and Exchange Commission, noting Vistana shares will trade on the New York Stock Exchange under the “VSE” ticker symbol.
In the first quarter, the operations that will form Vistana contributed sales of $246 million and net income of $25 million to Starwood Hotels’ $1.4 billion in revenue and $99 million in profits. Vistana will pay at least $30 million annually to Starwood Hotels as royalty payments for continuing use of several brands, including Sheraton, Westin, St. Regis and The Luxury Collection.
As part of the spinoff, Starwood is transferring several properties to Vistana which will convert them to vacation ownership structure in whole or part, including Sheraton Kauai Resort at Poipu Beach in Koloa, Hawaii; Sheraton Steamboat Resort in Steamboat Springs, Colo.; and Westin Resort & Spas in the Mexico resorts of Cancun, Los Cabos and Puerto Vallarta.