Planned Marriott Merger

3 Months Ended

Mar. 31, 2016

Business Combinations [Abstract]

Planned Marriott Merger

Note 20. Planned Marriott Merger

On November 15, 2015, we entered into a definitive merger agreement with Marriott and we amended that agreement on March 20, 2016. The transaction was approved by Marriott and Starwood stockholders on April 8, 2016. At closing, Starwood stockholders will receive 0.80 shares of Marriott common stock and $21.00 in cash for each share of Starwood common stock. On a pro forma basis, Starwood stockholders will own approximately 34% of the combined company’s common stock after the completion of the merger. In the second quarter of 2016, Starwood stockholders will separately receive consideration from the transactions involving the separation of the Starwood vacation ownership business, the distribution of the shares of Vistana common stock to Starwood stockholders and unitholders of SLC Operating Limited Partnership on a pro rata basis and subsequent merger of Vistana with ILG Merger Sub (see Note 19). Following the closing of the merger, Marriott’s Board of Directors will increase from 11 to 14 members with the expected addition of three members of the Starwood Board of Directors.

The transaction is subject to certain regulatory approvals and the satisfaction of other customary closing conditions. Assuming the consumption of those conditions, the parties expect the transaction to close in mid-2016.