Marriott International buys Starwood Hotels & Resorts
Today Marriott International announced about the purchase of Starwood Hotels & Resorts. The combined company will offer to visitors 1.1 million hotel rooms in 5500 hotels worldwide. Thus, Marriott International became the largest hotel operator in the world with 30 brands in its portfolio.
The transaction will be carried at the expense of the combined company stocks, and also at the expense of cash. Starwood's shareholders will own 36% of the combined company. The total purchase price, which will be closed at middle of 2016, will amount to 12.2 billion dollars.