Marriott closes on $13B Starwood purchase

Combined companies run 5,700 hotels across 110 countries

TRD New York /
Sep.September 23, 2016 10:00 AM

This time, no mysterious Chinese suitor showed up at the last minute. Marriott International closed on the $13 billion acquisition of Starwood Hotels & Resorts.

The new company will span 5,700 hotels with 1.1 million rooms across 110 countries, making it the world’s largest hotel operator. Marriott had initially agreed to buy Starwood in November. But in March, Chinese insurer and fund manager Anbang Insurance Group launched a rival, $14 billion bid, prompting Marriott to up its own offer. Anbang suddenly and mysteriously withdrew its bid mere weeks later, clearing the way for the Marriott merger.

“We think there are real advantages to size,” Marriott CEO Arne Sorenson told the Journal.

The new company runs and operates numerous hotels in New York through its Ritz Carlton, Courtyard by Marriott, Residence Inn, W Hotels, Westin and Sheraton brands. [WSJ]Konrad Putzier


Related Articles

arrow_forward_ios
Marriott CEO Arne M. Sorenson. President Donald Trump and Marriott Four Points in Havana (Getty)

Trump Administration pulls plug on Marriott’s Havana Sheraton

Trump Administration pulls plug on Marriott’s Havana Sheraton
Union Square W Hotel at  201 Park Avenue South (Credit: Wikpedia)

Marriott buys Union Square W Hotel

Marriott buys Union Square W Hotel
Marriott says Starwood hotels hit by massive data breach

Marriott says Starwood hotels hit by massive data breach

Marriott says Starwood hotels hit by massive data breach
Sush Torgalkar and the W Union Square

Westbrook close to buying the W Union Sq. hotel for $168M

Westbrook close to buying the W Union Sq. hotel for $168M
Capstone and Highgate score $130M loan to buy W hotel

Capstone and Highgate score $130M loan to buy W hotel

Capstone and Highgate score $130M loan to buy W hotel
(Credit from back: mkhmarketing/Flickr, Pixabay)

How one “like” on Twitter upset Marriott’s business in China

How one “like” on Twitter upset Marriott’s business in China
Capstone in contract on W Hotel for $190M

Capstone in contract on W Hotel for $190M

Capstone in contract on W Hotel for $190M
National Cheat Sheet

National Cheat Sheet: Realogy’s new growth plans, Toll Brothers public offering raises $400M … & more

National Cheat Sheet: Realogy’s new growth plans, Toll Brothers public offering raises $400M … & more
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...