Marriott closes on $13B Starwood purchase

Miami /
Sep.September 23, 2016 12:00 PM

From the New York website: 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


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