The boards of directors of both companies unanimously approved the merger, under which the companies will operate or franchise more than 5,500 hotels with 1.1 million rooms worldwide
A statement issued by Marriott yesterday (Nov 16) explained: “Marriott International, Inc. (NASDAQ: MAR) and Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that the boards of directors of both companies have unanimously approved a definitive merger agreement under which the companies will create the world’s largest hotel company.
“The transaction combines Starwood’s leading lifestyle brands and international footprint with Marriott’s strong presence in the luxury and select-service tiers, as well as the convention and resort segment, creating a more comprehensive portfolio.
“The merged company will offer broader choice for guests, greater opportunities for associates and should unlock additional value for Marriott and Starwood shareholders. Combined, the companies operate or franchise more than 5,500 hotels with 1.1 million rooms worldwide.
“The combined company’s pro forma fee revenue for the 12 months ended September 30, 2015 totals over $2.7 billion.”