Marriott is set to become the owner of Sheraton, Westin and St Regis

marriott

Marriott International is set to become the world’s largest hotel company by rooms offered after reaching a $12.2 billion deal to acquire Starwood Hotels & Resorts — the owner of brands including Sheraton, St Regis and W Hotels. The deal — which came after Marriott saw off several interested rivals — will create a company with a portfolio of 1.1 million rooms in more than 5,500 hotels around the world, including the upscale lifestyle brands for which Starwood is best known… A rush to consolidate has gripped the industry as occupancy and room rates have surpassed the record highs set before the financial crisis, particularly in the US… As part of the agreement, Marriott and Starwood have agreed to a $400 million break-up fee should the deal collapse.

 

Arash Massoudi, Malcolm Moore and James Fontanella-Khan

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