Marriott to buy Starwood Hotels in $12.2 billion deal
- 9 years ago
Marriott International Inc will buy Sheraton owner Starwood Hotels & Resorts Worldwide Inc in a $12.2 billion deal to create the world's largest hotel chain.
The combined company will own or franchise more than 5,500 hotels with 1.1 million rooms worldwide, giving Marriott greater presence in markets outside the United States.
Starwood, which gets nearly two-thirds of its revenue from outside the United States, had essentially put itself up for sale in April, when it said it was considering strategic alternatives.
Starwood, the owner of St. Regis and Aloft hotel brands, had reached out to InterContinental Hotels Group Plc, Wyndham Worldwide Corp and sovereign wealth funds for a possible deal since July, sources had told Reuters.
The combined company will own or franchise more than 5,500 hotels with 1.1 million rooms worldwide, giving Marriott greater presence in markets outside the United States.
Starwood, which gets nearly two-thirds of its revenue from outside the United States, had essentially put itself up for sale in April, when it said it was considering strategic alternatives.
Starwood, the owner of St. Regis and Aloft hotel brands, had reached out to InterContinental Hotels Group Plc, Wyndham Worldwide Corp and sovereign wealth funds for a possible deal since July, sources had told Reuters.