Here’s the quote from April 20, 2016, “Today, shareholders from Miami-based Interval Leisure Group (ILG), to whom Starwood is selling Vistana, approved the $1.5 billion acquisition by 95 percent of votes cast, representing 92 percent of shares.”
More details of the deal: “Vistana comprises 22 timeshare resorts with approximately 220,000 timeshare owners. Under the terms of the deal, ILG will have the rights to use the Westin and Sheraton brands in vacation ownership, and existing timeshare owners for the resorts can continue to use the Starwood Preferred Guest program.” (source)
So current owners of Starwood (mainly Sheraton and Westin) timeshare intervals will be able to continue to use their options and points as usual. Future owners will not. But they will be able to use the Westin and Sheraton resorts. At least that’s how it stands today.
However, the deal isn’t completely done until it is done. Some other details may change so don’t hold me to it. Shareholders and others may change parts of the deal until it is complete.
Remember, just a few weeks ago Anbang had an offer on the table for Starwood for $14 billion. Unless Marriott trumps that deal, Starwood would become a Chinese held hotel/hospitality company. But that is a separate deal. Keep in mind, Starwoods’ spinoff of Vistana resorts to ILG is separate from Marriott’s offer for Starwood’s hotels.