<PAGE>
 
  As filed with the Securities and Exchange Commission on September 17, 1997
                                                Registration No. 333-

================================================================================

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                              --------------------

                                    FORM S-8
                             REGISTRATION STATEMENT
                                     Under
                           THE SECURITIES ACT OF 1933

                              --------------------

                                 VISTANA, INC.
             (Exact name of Registrant as specified in its charter)

                              --------------------

          Florida                                                59-3415620
(State or other jurisdiction of                               (I.R.S. Employer
incorporation or organization)                               Identification No.)

                           8801 Vistana Centre Drive
                            Orlando, Florida  32821
                                 (407) 239-3000
  (Address, including zip code, and telephone number, including area code, of
                        Registrant's executive offices)

                              --------------------

                   Vistana, Inc. Employee Stock Purchase Plan
                   ------------------------------------------
                            (Full title of the plan)

                            Raymond L. Gellein, Jr.
                             Chairman of the Board
                                 Vistana, Inc.
                           8801 Vistana Centre Drive
                            Orlando, Florida  32821
                                 (407) 239-3000
 (Name, address, including zip code, and telephone number, including area code,
                             of agent for service)

                                With copies to:

                             ROSS D. EMMERMAN, ESQ.
                            Neal, Gerber & Eisenberg
                            Two North LaSalle Street
                            Chicago, Illinois  60602
                                 (312) 269-8000

                              --------------------

                        CALCULATION OF REGISTRATION FEE

<TABLE>
<CAPTION>

=====================================================================================================================
Title of Securities          Amount            Proposed Maximum            Proposed Maximum            Amount of
 to be Registered       to be Registered    Offering Price Per Unit     Aggregate Offering Price    Registration Fee
---------------------------------------------------------------------------------------------------------------------
<S>                    <C>                  <C>                         <C>                         <C>
  Common Stock,
 $0.01 par value       1,000,000 shares(1)          17.13(2)                 17,130,000(2)               $5,191
=====================================================================================================================
</TABLE>
 
(1)  Plus an indeterminate number of shares which may be issued as a result of
     the anti-dilution provisions contained in the above-referenced Plan.
(2)  Estimated solely for the purpose of calculating the registration fee
     pursuant to Rules 457(c) and 457 (h) under the Securities Act of 1933, as
     amended, on the basis of the average of the high and low prices of the
     Company's Common Stock as reported on the National Market System of the
     NASD on September 10, 1997.
<PAGE>
 
                                    PART II

              INFORMATION REQUIRED IN THE REGISTRATION STATEMENT


Item 3.  Incorporation of Documents by Reference

     The following documents filed by Vistana, Inc. (the "Registrant" or the
"Company") with the Securities and Exchange Commission are incorporated herein
by reference and made a part hereof:

     (a)  The Registrant's Prospectus dated February 27, 1997 (File No. 333-
          19045) filed pursuant to Rule 424(b)(4) under the Securities Act of
          1933, as amended;

     (b)  The Registrant's Quarterly Report on Form 10-Q for the quarterly
          period ended March 31, 1997;

     (c)  The Registrant's Quarterly Report on Form 10-Q for the quarterly
          period ended June 30, 1997; and

     (d)  The description of the Registrant's common stock, par value $0.01 per
          share (the "Common Stock"), contained in a Registration Statement on
          Form 8-A dated February 26,1997 filed under Section 12 of the
          Securities Exchange Act of 1934, as amended (the "Exchange Act"),
          including all amendments or reports filed for the purpose of updating
          such description.

     All documents subsequently filed by the Registrant pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this
Registration Statement and prior to the filing of a post-effective amendment to
this Registration Statement which indicates that all securities offered hereby
have been sold or which deregisters all securities then remaining unsold shall
be deemed to be incorporated by reference in this Registration Statement and to
be a part hereof from the date of filing of such documents. Any statement
contained in a document incorporated by reference herein shall be deemed to be
modified or superseded for purposes hereof to the extent that a statement
contained herein (or in any subsequently filed document which also is
incorporated by reference herein) modifies or supersedes such statement. Any
statement so modified or superseded shall not be deemed, except as so modified
or superseded, to constitute a part hereof.


Item 4.  Description of Securities

     Not applicable.

                                      II-1
<PAGE>
 
Item 5.  Interests of Named Experts and Counsel

     Certain partners of, attorneys associated with and/or of counsel to Neal,
Gerber & Eisenberg, a firm that performs legal services for the Registrant,
beneficially own shares of Common Stock.


Item 6.  Indemnification of Directors and Officers

     Under Florida law, a corporation may indemnify any person who was or is a
party or is threatened to be made a party to an action (other than an action by
or in the right of the corporation) by reason of such person's service as a
director of officer of the corporation, or such person's service, at the
corporation's request, as a director, officer, employee or agent of another
corporation or other enterprise, against expenses (including attorneys' fees)
that are actually and reasonably incurred by such person ("Expenses"), and
judgments, fines and amounts paid in settlement that are actually and reasonably
incurred by such person, in connection with the defense or settlement of such
action; provided that such person acted in good faith and in a manner such
person reasonably believed to be in or not opposed to the corporation's best
interests and, with respect to any criminal action or proceeding, had no
reasonable cause to believe that such person's conduct was unlawful. Although
Florida law permits a corporation to indemnify any person referred to above
against Expenses in connection with the defense or settlement of an action by or
in the right of the corporation, provided that such person acted in good faith
and in a manner such person reasonably believed to be in or not opposed to the
corporation's best interests, if such person has been judged liable to the
corporation, indemnification is only permitted to the extent that the
adjudicating court (or the court in which the action was brought) determines
that, despite the adjudication of liability, such person is entitled to
indemnity for such Expenses as the court deems proper. The determination as to
whether a person seeking indemnification has met the required standard of
conduct is to be made (i) by a majority vote of a quorum of disinterested
members of the board of directors, or (ii) by independent legal counsel in a
written opinion, if such a quorum does not exist or if the disinterested
directors so direct, or (iii) by the shareholders. The Florida Business
Corporation Act also provides for mandatory indemnification of any director,
officer, employee or agent against Expenses to the extent such person has been
successful in any proceeding covered by the statute. In addition, the Florida
Business Corporation Act provides for the general authorization of advancement
of a director's or officer's litigation expenses in lieu of requiring the
authorization of such advancement by the board of directors in specific cases,
and that indemnification and advancement of expenses provided by the statute
shall not be deemed exclusive of any other rights to which those seeking
indemnification or advancement of expenses may be entitled under any by-law,
agreement or otherwise.

     The Company's Articles of Incorporation and By-Laws provide that the
Company shall indemnify its directors, officers, employees and other agents to
the fullest extent permitted by Florida law.

                                      II-2
<PAGE>
 
     The Company has also entered into agreements to indemnify its directors and
certain of its officers, in addition to the indemnification provided for in the
Company's Articles of Incorporation and By-Laws. These agreements provide, among
other things, that the Company will indemnify its directors and officers for all
direct and indirect expenses and costs (including, without limitation, all
reasonable attorneys' fees and related disbursements, other out-of-pocket costs
and reasonable compensation for time spent by such persons for which they are
not otherwise compensated by the Company or any third person) and liabilities of
any type whatsoever (including, but not limited to, judgments, fines and
settlement fees) actually and reasonably incurred by such person in connection
with either the investigation, defense, settlement or appeal of any threatened,
pending, or completed action, suit or other proceeding, including the
corporation, arising out of such person's services as a director, employee or
other agent of the Company, any subsidiary of the Company or any other company
or enterprise to which the person provides services at the request of the
Company. The Company believes that these provisions and agreements are necessary
to attract and retain talented and experienced directors and officers.

     The Company maintains liability insurance for the benefit of its directors
and officers.


Item 7.  Exemption from Registration Claimed

     Not applicable.


Item 8.  Exhibits
<TABLE>
<CAPTION>
Exhibit
  No.         Description
-------       -----------
<C>           <S>
  4.1         Vistana, Inc. Employee Stock Purchase Plan

  5.1         Opinion of Neal, Gerber & Eisenberg

 23.1         Consent of Neal, Gerber & Eisenberg (included in Exhibit 5.1)

 23.2         Consent of KPMG Peat Marwick LLP

 24.1         Powers of Attorney (included in the signature pages hereto)
</TABLE>


Item 9.  Undertakings

     The Registrant hereby undertakes:

     1.   To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:

                                      II-3
<PAGE>
 
          (i)    To include any prospectus required by Section 10(a)(3) of the
Securities Act of 1933 (the "Securities Act");

          (ii)   To reflect in the prospectus any facts or events arising after
the effective date of the registration statement (or the most recent post-
effective amendment thereof) which, individually or in the aggregate, represent
a fundamental change in the information set forth in the registration statement;

          (iii)  To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement;

provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if
the information required to be included in a post-effective amendment by
those paragraphs is contained in periodic reports filed by the Registrant
pursuant to section 13 or section 15(d) of the Exchange Act that are
incorporated by reference in the registration statement.

     2.   That, for the purpose of determining any liability under the
Securities Act each post-effective amendment to this registration statement
shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.

     3.   To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of the
offering.

     The Company hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Registrant's annual
report pursuant to Sections 13(a) or 15(d) of the Exchange Act that is
incorporated by reference in this registration statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.

     Insofar as indemnification for liabilities arising under the Securities Act
may be permitted to directors, officers or persons controlling the Registrant
pursuant to the foregoing provisions or otherwise, the Registrant has been
advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Securities Act and
is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses
incurred or paid by a director, officer or controlling person of the Registrant
in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.

                                      II-4
<PAGE>
 
                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Orlando, State of Florida, on September 17, 1997.

                                    VISTANA, INC.


                              By:   /s/ Raymond L. Gellein, Jr.
                                    --------------------------------------------
                                    Raymond L. Gellein, Jr.
                                    Chairman of the Board and Co-Chief Executive
                                    Officer



     We, the undersigned officers and directors of Vistana, Inc., hereby
severally constitute Raymond L. Gellein, Jr., Matthew E. Avril and Jeffrey A.
Adler, and each of them singly, our true and lawful attorneys with full power to
them, and each of them singly, to sign for us and in our names in the capacities
indicated below, any and all amendments, including post-effective amendments, to
this Registration Statement, and generally to do all such things in our name and
behalf in such capacities to enable Vistana, Inc. to comply with the applicable
provisions of the Securities Act of 1933, as amended, and all requirements of
the Securities and Exchange Commission, and we hereby ratify and confirm our
signatures as they may be signed by our said attorneys, or any of them, to any
and all such documents.

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed on September 17, 1997 by the following
persons in the capacities indicated.

<TABLE>
<CAPTION>
Signature                        Title
---------                        -----

<S>                              <C>
/s/ Raymond L. Gellein, Jr.      Chairman of the Board, Co-Chief
---------------------------      Executive Officer and Director
Raymond L. Gellein, Jr.          (Principal Executive Officer)


/s/ John M. Sabin                Senior Vice President and
---------------------------      Chief Financial Officer
John M. Sabin                    (Principal Financial Officer and Principal
                                 Accounting Officer)


/s/ Jeffrey A. Adler             President and Co-Chief Executive Officer
---------------------------      and Director
Jeffrey A. Adler
</TABLE>

                                      II-5
<PAGE>
 
/s/ Laurence S. Geller         Director
---------------------------               
Laurence S. Geller


/s/ Charles E. Harris          Director
---------------------------              
Charles E. Harris


/s/ Steven J. Heyer            Director
---------------------------     
Steven J. Heyer

                                     II-6
[{"type": "S-8", "sequence": "1", "description": "FORM S-8", "secsgml_size_bytes": 17664}]
{"company-data": {"conformed-name": "VISTANA INC", "cik": "0001029753", "assigned-sic": "7011", "state-of-incorporation": "FL", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-35823", "film-number": "97681826"}, "business-address": {"street1": "8801 VISTANA CENTRE DRIVE", "city": "ORLANDO", "state": "FL", "zip": "32821", "phone": "4072393100"}, "mail-address": {"street1": "8801 VISTANA CENTRE DRIVE", "city": "ORLANDO", "state": "FL", "zip": "32821"}}
As filed with the Securities and Exchange Commission on September 17, 1997
                                                Registration No. 333-

================================================================================

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                              --------------------

                                    FORM S-8
                             REGISTRATION STATEMENT
                                     Under
                           THE SECURITIES ACT OF 1933

                              --------------------

                                 VISTANA, INC.
             (Exact name of Registrant as specified in its charter)

                              --------------------

          Florida                                                59-3415620
(State or other jurisdiction of                               (I.R.S. Employer
incorporation or organization)                               Identification No.)

                           8801 Vistana Centre Drive
                            Orlando, Florida  32821
                                 (407) 239-3000
  (Address, including zip code, and telephone number, including area code, of
                        Registrant's executive offices)

                              --------------------

                   Vistana, Inc. Employee Stock Purchase Plan
                   ------------------------------------------
                            (Full title of the plan)

                            Raymond L. Gellein, Jr.
                             Chairman of the Board
                                 Vistana, Inc.
                           8801 Vistana Centre Drive
                            Orlando, Florida  32821
                                 (407) 239-3000
 (Name, address, including zip code, and telephone number, including area code,
                             of agent for service)

                                With copies to:

                             ROSS D. EMMERMAN, ESQ.
                            Neal, Gerber & Eisenberg
                            Two North LaSalle Street
                            Chicago, Illinois  60602
                                 (312) 269-8000

                              --------------------

                        CALCULATION OF REGISTRATION FEE
=====================================================================================================================
Title of Securities          Amount            Proposed Maximum            Proposed Maximum            Amount of
 to be Registered       to be Registered    Offering Price Per Unit     Aggregate Offering Price    Registration Fee
---------------------------------------------------------------------------------------------------------------------
Common Stock,
 $0.01 par value       1,000,000 shares(1)          17.13(2)                 17,130,000(2)               $5,191
=====================================================================================================================
(1)  Plus an indeterminate number of shares which may be issued as a result of
     the anti-dilution provisions contained in the above-referenced Plan.
(2)  Estimated solely for the purpose of calculating the registration fee
     pursuant to Rules 457(c) and 457 (h) under the Securities Act of 1933, as
     amended, on the basis of the average of the high and low prices of the
     Company's Common Stock as reported on the National Market System of the
     NASD on September 10, 1997.
PART II

              INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3.  Incorporation of Documents by Reference

     The following documents filed by Vistana, Inc. (the "Registrant" or the
"Company") with the Securities and Exchange Commission are incorporated herein
by reference and made a part hereof:

     (a)  The Registrant's Prospectus dated February 27, 1997 (File No. 333-
          19045) filed pursuant to Rule 424(b)(4) under the Securities Act of
          1933, as amended;

     (b)  The Registrant's Quarterly Report on Form 10-Q for the quarterly
          period ended March 31, 1997;

     (c)  The Registrant's Quarterly Report on Form 10-Q for the quarterly
          period ended June 30, 1997; and

     (d)  The description of the Registrant's common stock, par value $0.01 per
          share (the "Common Stock"), contained in a Registration Statement on
          Form 8-A dated February 26,1997 filed under Section 12 of the
          Securities Exchange Act of 1934, as amended (the "Exchange Act"),
          including all amendments or reports filed for the purpose of updating
          such description.

     All documents subsequently filed by the Registrant pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this
Registration Statement and prior to the filing of a post-effective amendment to
this Registration Statement which indicates that all securities offered hereby
have been sold or which deregisters all securities then remaining unsold shall
be deemed to be incorporated by reference in this Registration Statement and to
be a part hereof from the date of filing of such documents. Any statement
contained in a document incorporated by reference herein shall be deemed to be
modified or superseded for purposes hereof to the extent that a statement
contained herein (or in any subsequently filed document which also is
incorporated by reference herein) modifies or supersedes such statement. Any
statement so modified or superseded shall not be deemed, except as so modified
or superseded, to constitute a part hereof.

Item 4.  Description of Securities

     Not applicable.

                                      II-1
Item 5.  Interests of Named Experts and Counsel

     Certain partners of, attorneys associated with and/or of counsel to Neal,
Gerber & Eisenberg, a firm that performs legal services for the Registrant,
beneficially own shares of Common Stock.

Item 6.  Indemnification of Directors and Officers

     Under Florida law, a corporation may indemnify any person who was or is a
party or is threatened to be made a party to an action (other than an action by
or in the right of the corporation) by reason of such person's service as a
director of officer of the corporation, or such person's service, at the
corporation's request, as a director, officer, employee or agent of another
corporation or other enterprise, against expenses (including attorneys' fees)
that are actually and reasonably incurred by such person ("Expenses"), and
judgments, fines and amounts paid in settlement that are actually and reasonably
incurred by such person, in connection with the defense or settlement of such
action; provided that such person acted in good faith and in a manner such
person reasonably believed to be in or not opposed to the corporation's best
interests and, with respect to any criminal action or proceeding, had no
reasonable cause to believe that such person's conduct was unlawful. Although
Florida law permits a corporation to indemnify any person referred to above
against Expenses in connection with the defense or settlement of an action by or
in the right of the corporation, provided that such person acted in good faith
and in a manner such person reasonably believed to be in or not opposed to the
corporation's best interests, if such person has been judged liable to the
corporation, indemnification is only permitted to the extent that the
adjudicating court (or the court in which the action was brought) determines
that, despite the adjudication of liability, such person is entitled to
indemnity for such Expenses as the court deems proper. The determination as to
whether a person seeking indemnification has met the required standard of
conduct is to be made (i) by a majority vote of a quorum of disinterested
members of the board of directors, or (ii) by independent legal counsel in a
written opinion, if such a quorum does not exist or if the disinterested
directors so direct, or (iii) by the shareholders. The Florida Business
Corporation Act also provides for mandatory indemnification of any director,
officer, employee or agent against Expenses to the extent such person has been
successful in any proceeding covered by the statute. In addition, the Florida
Business Corporation Act provides for the general authorization of advancement
of a director's or officer's litigation expenses in lieu of requiring the
authorization of such advancement by the board of directors in specific cases,
and that indemnification and advancement of expenses provided by the statute
shall not be deemed exclusive of any other rights to which those seeking
indemnification or advancement of expenses may be entitled under any by-law,
agreement or otherwise.

     The Company's Articles of Incorporation and By-Laws provide that the
Company shall indemnify its directors, officers, employees and other agents to
the fullest extent permitted by Florida law.

                                      II-2
The Company has also entered into agreements to indemnify its directors and
certain of its officers, in addition to the indemnification provided for in the
Company's Articles of Incorporation and By-Laws. These agreements provide, among
other things, that the Company will indemnify its directors and officers for all
direct and indirect expenses and costs (including, without limitation, all
reasonable attorneys' fees and related disbursements, other out-of-pocket costs
and reasonable compensation for time spent by such persons for which they are
not otherwise compensated by the Company or any third person) and liabilities of
any type whatsoever (including, but not limited to, judgments, fines and
settlement fees) actually and reasonably incurred by such person in connection
with either the investigation, defense, settlement or appeal of any threatened,
pending, or completed action, suit or other proceeding, including the
corporation, arising out of such person's services as a director, employee or
other agent of the Company, any subsidiary of the Company or any other company
or enterprise to which the person provides services at the request of the
Company. The Company believes that these provisions and agreements are necessary
to attract and retain talented and experienced directors and officers.

     The Company maintains liability insurance for the benefit of its directors
and officers.

Item 7.  Exemption from Registration Claimed

     Not applicable.

Item 8.  Exhibits
Exhibit
  No.         Description
-------       -----------
4.1         Vistana, Inc. Employee Stock Purchase Plan

  5.1         Opinion of Neal, Gerber & Eisenberg

 23.1         Consent of Neal, Gerber & Eisenberg (included in Exhibit 5.1)

 23.2         Consent of KPMG Peat Marwick LLP

 24.1         Powers of Attorney (included in the signature pages hereto)
Item 9.  Undertakings

     The Registrant hereby undertakes:

     1.   To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:

                                      II-3
(i)    To include any prospectus required by Section 10(a)(3) of the
Securities Act of 1933 (the "Securities Act");

          (ii)   To reflect in the prospectus any facts or events arising after
the effective date of the registration statement (or the most recent post-
effective amendment thereof) which, individually or in the aggregate, represent
a fundamental change in the information set forth in the registration statement;

          (iii)  To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement;

provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if
the information required to be included in a post-effective amendment by
those paragraphs is contained in periodic reports filed by the Registrant
pursuant to section 13 or section 15(d) of the Exchange Act that are
incorporated by reference in the registration statement.

     2.   That, for the purpose of determining any liability under the
Securities Act each post-effective amendment to this registration statement
shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.

     3.   To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of the
offering.

     The Company hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Registrant's annual
report pursuant to Sections 13(a) or 15(d) of the Exchange Act that is
incorporated by reference in this registration statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.

     Insofar as indemnification for liabilities arising under the Securities Act
may be permitted to directors, officers or persons controlling the Registrant
pursuant to the foregoing provisions or otherwise, the Registrant has been
advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Securities Act and
is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses
incurred or paid by a director, officer or controlling person of the Registrant
in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.

                                      II-4
SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Orlando, State of Florida, on September 17, 1997.

                                    VISTANA, INC.

                              By:   /s/ Raymond L. Gellein, Jr.
                                    --------------------------------------------
                                    Raymond L. Gellein, Jr.
                                    Chairman of the Board and Co-Chief Executive
                                    Officer

     We, the undersigned officers and directors of Vistana, Inc., hereby
severally constitute Raymond L. Gellein, Jr., Matthew E. Avril and Jeffrey A.
Adler, and each of them singly, our true and lawful attorneys with full power to
them, and each of them singly, to sign for us and in our names in the capacities
indicated below, any and all amendments, including post-effective amendments, to
this Registration Statement, and generally to do all such things in our name and
behalf in such capacities to enable Vistana, Inc. to comply with the applicable
provisions of the Securities Act of 1933, as amended, and all requirements of
the Securities and Exchange Commission, and we hereby ratify and confirm our
signatures as they may be signed by our said attorneys, or any of them, to any
and all such documents.

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed on September 17, 1997 by the following
persons in the capacities indicated.
Signature                        Title
---------                        -----
/s/ Raymond L. Gellein, Jr.      Chairman of the Board, Co-Chief
---------------------------      Executive Officer and Director
Raymond L. Gellein, Jr.          (Principal Executive Officer)

/s/ John M. Sabin                Senior Vice President and
---------------------------      Chief Financial Officer
John M. Sabin                    (Principal Financial Officer and Principal
                                 Accounting Officer)

/s/ Jeffrey A. Adler             President and Co-Chief Executive Officer
---------------------------      and Director
Jeffrey A. Adler
II-5
/s/ Laurence S. Geller         Director
---------------------------               
Laurence S. Geller

/s/ Charles E. Harris          Director
---------------------------              
Charles E. Harris

/s/ Steven J. Heyer            Director
---------------------------     
Steven J. Heyer

                                     II-6