VistanaTM Signature Experiences, developer of Sheraton Vacation Club and Westin Vacation Club resorts, took home seven awards at the recent American Resort Development Association (ARDA) convention in Las Vegas, including the Interior Design award for the distinctive lobby of The Westin Nanea Ocean Villas.
The Westin Resort & Spa, Cancún, owned by VistanaTM Signature Experiences, Inc., an operating business of ILG (Nasdaq: ILG), today announced it has unveiled a top-to-bottom redesign of all the resort’s public areas, the launch of Arena Sports Bar & Restaurant and the debut of a Flowrider® surf simulator.
ILG announced today that it has completed a term securitization transaction involving the issuance of $325 million of asset-backed notes. VSE 2017-A VOI Mortgage LLC, an indirect wholly-owned subsidiary of Vistana Signature Experiences, Inc. (“Vistana”) issued these notes in three tranches: $240 million of Class A notes rated AAA/AAA with an interest rate of 2.33%; $59 million of Class B notes rated A/A with an interest rate of 2.63%; and $26 million of Class C notes rated BBB/BBB with an interest rate of 2.93%. The notes are backed by vacation ownership loans from both Vistana Signature Experiences and Hyatt Vacation Ownership and had an overall weighted average coupon of 2.43%. The advance rate for this transaction was approximately 97%.
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