Marriott buys Starwood to create largest hotel chain


New York, Nov 17 (IANS): Marriott International Inc announced an agreement to buy competitor Starwood Hotels and Resorts in a $12.2 billion transaction that will create the world's largest hotel chain.

Starwood stockholders would receive 0.92 Marriott Class A share and $2 in cash for each share, Efe cited the companies as saying in a joint statement.

The combined company will be the world's largest hotelier, with 1.1 million rooms in more than 5,500 facilities across over 100 countries and an annual turnover of $2.7 billion.

The deal, subject to approval from both companies' shareholders and from regulators, is expected to close by mid-2016, the statement said.

Marriott CEO Arne Sorenson will head the combined company, whose headquarters is to remain in Bethesda, Maryland. Three Starwood directors will join an expanded 14-member board.

  

Top Stories


Leave a Comment

Title: Marriott buys Starwood to create largest hotel chain



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.