Marriott bags Starwood
Marriott International and Starwood Hotels & Resorts Worldwide have unanimously approved a definitive merger agreement under which the companies will create the world’s largest hotel company.
The transaction combines Starwood’s 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. Arne Sorenson, president and ceo of Marriott International, said: “The driving force behind this transaction is growth. This is an opportunity to create value by combining the distribution and strengths of Marriott and Starwood, enhancing our competitiveness in a quickly evolving marketplace. This greater scale should offer a wider choice of brands to consumers, improve economics to owners and franchisees, increase unit growth and enhance long-term value to shareholders. Today is the start of an incredible journey for our two companies. We expect to benefit from the best talent from both companies as we position ourselves for the future. I know we’ll do great things together as The World’s Favorite Travel Company.”
Combined, the companies operate or franchise more than 5 500 hotels with 1,1 million rooms worldwide.
“The driving force behind this transaction is growth,” says Marriott International president and ceo, Arne Sorenson.
“Our guests and customers will benefit from so many more options across 30 hotel brands,” says Starwood Hotels & Resorts Worldwide interim ceo, Adam Aron.
Assuming receipt of the necessary approvals, the parties expect the transaction to close in mid-2016.