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Marriott International Acquires Starwood Hotels & Resorts Worldwide

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Marriott International Acquires Starwood Hotels & Resorts Worldwide

Marriott International Acquires Starwood Hotels & Resorts Worldwide
November 16
13:59 2015

Marriott International has acquired Starwood Hotels & Resorts Worldwide, to create the world’s biggest hotel group.

In a deal worth around US$12.2bn, the purchase will create a company with a combined portfolio of more than 5,500 hotels and 1.1m rooms.

The agreement will bring all 10 of Starwood’s brands under the Marriott umbrella, including Sheraton, St Regis and W Hotels.

Marriott’s executive chairman, JW Marriott Jr, said: ‘I’m excited… for the incredible opportunities ahead for Starwood and Marriott associates. I’m delighted to welcome Starwood to the Marriott family.’

Arne Sorenson, Marriott’s president & CEO, added: ‘This is an opportunity to create value by combining the distribution and strengths of Marriott and Starwood, and 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.’

The Starwood acquisition marks the most step in Marriott’s recent expansion strategy. In April 2014, the company completed a US$200 million deal for South Africa’s Protea Hospitality Group, instantly making it the largest hotel chain in Africa, and earlier this year it snapped up Canada’s Delta Hotels & Resorts for US$134m.

Bruce Duncan, Starwood’s chairman, commented: ‘Our board concluded that a combination with Marriott provides the greatest long-term value for our shareholders and the strongest and most certain path forward for our company.’

 

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