Marriott, Starwood Hotels Forge Merger Pact
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The combined company will operate or franchise more than 5,500 hotels under brands including Marriott and Sheraton.
BETHESDA, MD and STAMFORD, CT—Weeks after reports surfaced of merger discussions between Hyatt Hotels Corp. and Starwood Hotels & Resorts Worldwide, a lodging sector mega-deal is taking place, but with a different buyer. Bethesda, MD-based Marriott International Inc. and Starwood Hotels said Monday their boards had approved a definitive merger agreement valued at $12.2 billion.
“The driving force behind this transaction is growth,” says Arne Sorenson, president and CEO of Marriott. “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.”…
Marriott, Starwood Hotels Forge Merger Pact
