Marriott International on 16 November 2015 announced that it will acquire Starwood Hotels & Resorts Worldwide. With this acquisition, Marriott International is set to become world’s largest hotel company.
Within India also, the combined entity will displace the Tata Sons-promoted Taj Group of Hotels as the largest chain of hotels by rooms.
Features of Acquisition
• The all cash acquisition deal is valued at 12.2 billion US dollars.
• The combined company will own/franchise more than 5500 hotels with 1.1 million rooms worldwide.
• It will give Marriott greater presence in markets such as Europe, Latin America and Asia including India and China.
• After the transaction closes, the company is expected to add three Starwood members to its board, which will expand to 14 members.
• The final formalities of the deal are expected to be completed by mid-2016.
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