Marriott-Starwood takeover set for mid-2016

By Sophie Witts contact

- Last updated on GMT

Marriott-Starwood takeover set for mid-2016

Related tags: Chief executive officer, Stock, Stock market

Marriott International is set to take over the Starwood hotel chain in mid-2016 after both company’s shareholders voted to approve the merger.

The move is set to create the world’s largest hotel group,​ with a total of 1.1m rooms across 5,500 sites.

Marriott’s $13.6bn offer will now go ahead, after the century-old group saw off a rival $14bn bid​ from the Chinese Anbang Insurance Group.

Anbang – which boasts ties to the Chinese government – withdrew its offer on 31 March citing ‘various market considerations’, just weeks after emerging to bid for Starwood.

Arne Sorenson, Marriott’s president and chief executive officer, said:  “With today’s successful stockholder approval milestone, we are that much closer to completing our transaction.

“Our teams continue to plan the integration of our two companies, and we are committed to a timely and smooth transition. “

Thomas B. Mangas, Starwood’s chief executive officer, added that he was ‘grateful’ for the shareholder’s continued ‘enthusiasm and support’ for the merger.

“There is no doubt that this transaction puts our company on the best path forward and we remain excited about the opportunity this combination will create for our stockholders, associates, owners and guests,” he said.

Starwood's 12 brands, which include Aloft and Sheraton will join Marriott's 16, such as the Ritz-Carlton, Moxy and AC Hotels.

Related topics: Business & Legislation, Hotel

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