Marriott buys Starwood in a $12.2 bn deal to create largest hotel chain

Subscribe to Oneindia News

New York, Nov 17: 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.

Marriott becomes largest hotel chain

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.

IANS

Please Wait while comments are loading...