Starwood Completes Sale of Timeshare Loans
WHITE PLAINS, N.Y., Nov 03, 2011 (BUSINESS WIRE) -- Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) completed a securitization involving the issuance of approximately $200 million of fixed rate notes by its affiliate, SVO 2011-A VOI Mortgage LLC. The notes were offered in a private placement within the United States to qualified institutional buyers pursuant to Rule 144A and outside the United States in accordance with Regulation S under the Securities Act of 1933, as amended. Starwood contributed approximately $210 million in timeshare mortgages resulting in an advance rate of 95% with an effective note yield of 3.70%. The proceeds from the transaction will be used for general corporate purposes.
This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any jurisdiction. The notes have not been registered under the Securities Act of 1933, as amended, or any state securities law. Unless so registered, the notes may not be offered or sold in the United States, except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.
About Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 1,071 properties in 100 countries and approximately 145,000 employees at its owned and managed properties. Starwood Hotels is a fully integrated owner, operator and franchisor of hotels and resorts with the following internationally renowned brands: St. Regis(R), The Luxury Collection(R), W(R), Westin(R), Le Méridien(R), Sheraton(R), Four Points(R) by Sheraton, aloft(SM), and element(SM). Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit the "Investor Relations" section within http://www.starwoodhotels.com.
** Please contact Starwood's toll-free media hotline at (866) 4-STAR-PR (866-478-2777) for photography or public relations requests.**
SOURCE: Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts Worldwide, Inc.
Jason Koval, 914-640-4429