Marriott clears final hurdle for Starwood


When Marriott International’s deal to acquire Starwood Hotels & Resorts Worldwide closes on 23 September, the resulting company will have 27 hotel brands, thousands of hotels open worldwide, more than one million open guestrooms and a robust pipeline.

BETHESDA, Maryland—Marriott International’s long-awaited acquisition of Starwood Hotels & Resorts Worldwide cleared its final hurdle Tuesday as Marriott announced the proposed deal received approval from the Chinese Ministry of Commerce.

The approval paves the way for the two companies to become one on 23 September 2016, according to a news release issued by Marriott today—18 months after then-CEO Adam Aron announced Starwood was exploring strategic and financial alternatives.

The new Marriott will be the largest hotel company in the world with more than 5,800 hotels comprising more than 1.1 million rooms in a system of 27 hotel brands. The combined company’s development pipeline will have more than 1,900 hotels with more than 333,000 rooms, according to STR, the parent company of Hotel News Now.

According to the news release, Marriott and Starwood executives expect the deal to close before the stock market opens on 23 September.

Once the deal is completed, the combined company will own, operate and/or franchise hotels under the following brands: The Ritz-Carlton, Bulgari, Edition, JW Marriott, Autograph Collection Hotels, Renaissance Hotels, Marriott Hotels, Delta Hotels and Resorts, Gaylord Hotels, AC Hotels by Marriott, Courtyard, Residence Inn, SpringHill Suites, Fairfield Inn & Suites, TownePlace Suites, Protea Hotels by Marriott, Moxy Hotels, Four Points by Sheraton, W Hotels, Aloft, Sheraton, Le Méridien, The Luxury Collection, Element, Westin, St. Regis and The Tribute Portfolio.

Integrating the two companies’ powerful guest-loyalty programs is likely among the first moves the combined company will make. Marriott Rewards and Ritz-Carlton combined have a loyalty club with more than 57 million members; Starwood’s SPG program has more than 22 million members.

Source: Hotel News Now

Previous Post
Webinar – Invest in Real Estate with your IRA
Next Post
How you can defer taxes indefinitely using a 1031