Marriott wins battle for Starwood
Marriott International is to acquire Starwood Hotels & Resorts Worldwide for $12.2 billion, creating the world’s largest hotel company.
The combined company will own or franchise 1.1 million rooms in more than 5,500 hotels across 100 countries with a portfolio of 30 leading brands.
Marriott beat off Hyatt Hotels and three Chinese companies to win the bid, which has been agreed by the boards of directors of both groups, who have said they will be able to achieve significant economies of scale through the merger.
The transaction combines Starwood’s leading lifestyle brands and international footprint with Marriott’s strong presence in the luxury and select-service tiers, as well as the convention and resort segment, creating a more comprehensive portfolio.
The combined company’s pro forma fee revenue for the 12 months ended September 30, 2015 totals over $2.7 billion.
Marriott International executive chairman and chairman of the board J.W. Marriott, Jr said: "We have competed with Starwood for decades and we have also admired them.
"I’m delighted to welcome Starwood to the Marriott family."
Starwood chairman and chairman of the board of directors Bruce Duncan, added: "A combination with Marriott provides the greatest long-term value for our shareholders and the strongest and most certain path forward for our company.
"Starwood shareholders will benefit from ownership in one of the world’s most respected companies, with vast growth potential further enhanced by cost synergies."
Lisa
Lisa joined Travel Weekly nearly 25 years ago as technology reporter and then sailed around the world for a couple of years as cruise correspondent, before becoming deputy editor. Now freelance, Lisa writes for various print and web publications, edits Corporate Traveller’s client magazine, Gateway, and works on the acclaimed Remembering Wildlife series of photography books, which raise awareness of nature’s most at-risk species and helps to fund their protection.
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