Merger of two powerhouse brands will be beneficial for consumers, operators and shareholders, according to Marriott chief.
November 16, 2015
Marriott International will be the biggest hotel chain worldwide once it acquires Starwood Hotels and Resorts for $12.2 billion and will boast more than 5,500 hotels and 1.1 million rooms.
The deal, reported by USA Today, is expected to close by mid next year and has unanimous approval by both companies.
"The driving force behind this transaction is growth," stated Marriott CEO Arne Sorenson in a written statement, according to USA Today. "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."
Sorenson will continue as CEO, overseeing the new forged company, which will remain headquartered in Bethesda. In the statement regarding the deal he said the combined hotel chain will provide consumers more choices of brands, boost business for owners and franchisees and unit growth as well as provide long-term value to shareholders.
"The combination of our two companies brings together the best in innovation, culture and execution," Starwood CEO Adam Aron stated in a written statement. "Our guests and customers will benefit from so many more options across 30 hotel brands, while our hotel owners and franchisees will derive value from our combined global platform and efficiencies."
