Marriott does $4.4 billion deal with Starwood
Host Marriott Corporation is acquiring 38 luxury and upscale hotels from Starwood for $4.4 billion.
The portfolio includes 25 domestic and 13 international properties. Total rooms: 18,964. The rooms are managed under the Westin, Sheraton, W Hotels, The Luxury Collection and St. Regis brands.
Said Christopher J. Nassetta, president and CEO of Marriott:
“We believe these assets represent one of the highest quality lodging portfolios available and they will complement our existing portfolio of outstanding hotels.”
He said the $4.4 billion price was an “attractive” one.
The acquired hotels are high-quality, luxury and upper upscale hotels with an average size of 500 rooms.
About 80% of the acquired hotels are in urban, convention or resort locations, according to Hotel Online. Many hotels are also in markets with strong growth and limited near-term supply.
“The Starwood portfolio fits our stated strategy of owning irreplaceable assets in premier markets with strong growth profiles and limited near-term supply,” said James F. Risoleo, executive vice president of acquisitions and development.
Company officials say the acquisition diversifies Marriott’s brands.
On completion of the deal, Marriott expects to have a total value of $16 billion, making it the largest lodging company in the US.
With its acquisition, Marriott will have 145 hotels with over 74,000 rooms.
Report by David Wilkening
David
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