26 SEPTEMBER 2016
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Starwood Hotels & Resorts has finally surrendered to Marriott International in a transaction creating the world's largest accommodation company. The merger, which is valued at US$13bn, will lead to the group having a presence in 110 countries with 5,700 hotels.
Marriott and Starwood had announced plans last November for a potential merger, but the transaction was put in doubt after a further offer from China's Anbang Insurance Group was received, before eventually being withdrawn.
The deal will combine many of the world's biggest hotel brands, including Ritz Carlton, Courtyard and Residence Inn from Marriott, and W Hotels and Sheraton from Starwood.
President and chief executive of Marriott, Arne Sorenson, said that the acquisition allows the company to become the world leader in the hotel industry.
"We believe that Marriott now has the world's best portfolio of hotel brands, the most comprehensive global footprint, and the most extensive loyalty programmes, providing an unparalleled guest experience," Sorenson said.
As members of Marriott Rewards, The Ritz-Carlton Rewards and Starwood Preferred Guest (SPG) can match member status to redeem their points across Marriott's expanded portfolio of 30 brands, offering substantially more choice for travellers than any hotel group ever has before.
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