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Breaking: Starwood-Marriott merger back on again after Marriott ups its offer
By Jane Kitchen 21 Mar 2016
Marriott president and CEO Arne Sorenson said the company is 'even more excited about the power of the combined companies and the upside growth opportunities.'
The Starwood-Marriott merger is back on again after a rival offer last week led by Chinese insurance company Anbang tried to thwart the deal.

Anbang offered what Starwood determined to be a “superior” deal, but Marriott has increased its offer today to a total of about US$13.6bn (€12bn, £9.5bn), compared to its original US$12.2bn (€10.8b, £8.5bn) offer in November and Anbang’s offer of US$13.2bn (€11.7bn, £9.2bn) Friday.

Under the new agreement, Starwood shareholders will receive US$21 (€19, £15) in cash and 0.80 shares of Marriott stock for each share of Starwood stock. Marriott and Starwood will hold special stockholder meetings on 8 April, with the deal expected to close in mid-2016.

Marriott also said it is confident it can achieve US$250m (€222m, £174m) in annual cost synergies within two years of closing the deal, up from US$200m estimated in November 2015, when the original merger was announced.

“After five months of extensive due diligence and joint integration planning with Starwood, including a careful analysis of the brand architecture and future development prospects, we are even more excited about the power of the combined companies and the upside of growth opportunities,” said Arne Sorenson, president and CEO of Marriott International.

“...We expect to accelerate the growth of Starwood’s brands, leveraging Marriott’s worldwide hotel development organisation and owner and franchisee relationships,” he added.

Marriott has more than 4,300 properties in 85 countries and territories, and operates and franchises hotels under The Ritz-Carlton, Bvlgari, Edition, JW Marriott, Autograph Collection, Renaissance, Marriott, Delta brands and more. Starwood has more than 1,270 properties in 100 countries, and operates and franchises the St. Regis, The Luxury Collection, W, Design Hotels, Westin, Le Meridien, Sheraton, Four Points by Sheraton, Aloft, Element and the recently introduced Tribute Portfolio brands.

The merger would create the world’s largest hotel company, with 5,500 hotels and 1.1 million bedrooms worldwide across 30 brands.



News
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Industry figure Susan Friedland has been celebrated with the Global Wellness Summit’s (GWS) annual Leading Woman in Wellness Award. During a poignant ceremony, Mrs Friedland was recognised with the award for her support and dedication ... More
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People suffering from mild depression should be offered exercise, mindfulness, therapy or meditation before medication, such as antidepressants. New draft guidance, published by the National Institute for Health and Care Excellence (NICE) recommends that a ... More
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NEWS
Breaking: Starwood-Marriott merger back on again after Marriott ups its offer
POSTED 21 Mar 2016 . BY Jane Kitchen
Marriott president and CEO Arne Sorenson said the company is 'even more excited about the power of the combined companies and the upside growth opportunities.'
Marriott president and CEO Arne Sorenson said the company is 'even more excited about the power of the combined companies and the upside growth opportunities.'
The Starwood-Marriott merger is back on again after a rival offer last week led by Chinese insurance company Anbang tried to thwart the deal.

Anbang offered what Starwood determined to be a “superior” deal, but Marriott has increased its offer today to a total of about US$13.6bn (€12bn, £9.5bn), compared to its original US$12.2bn (€10.8b, £8.5bn) offer in November and Anbang’s offer of US$13.2bn (€11.7bn, £9.2bn) Friday.

Under the new agreement, Starwood shareholders will receive US$21 (€19, £15) in cash and 0.80 shares of Marriott stock for each share of Starwood stock. Marriott and Starwood will hold special stockholder meetings on 8 April, with the deal expected to close in mid-2016.

Marriott also said it is confident it can achieve US$250m (€222m, £174m) in annual cost synergies within two years of closing the deal, up from US$200m estimated in November 2015, when the original merger was announced.

“After five months of extensive due diligence and joint integration planning with Starwood, including a careful analysis of the brand architecture and future development prospects, we are even more excited about the power of the combined companies and the upside of growth opportunities,” said Arne Sorenson, president and CEO of Marriott International.

“...We expect to accelerate the growth of Starwood’s brands, leveraging Marriott’s worldwide hotel development organisation and owner and franchisee relationships,” he added.

Marriott has more than 4,300 properties in 85 countries and territories, and operates and franchises hotels under The Ritz-Carlton, Bvlgari, Edition, JW Marriott, Autograph Collection, Renaissance, Marriott, Delta brands and more. Starwood has more than 1,270 properties in 100 countries, and operates and franchises the St. Regis, The Luxury Collection, W, Design Hotels, Westin, Le Meridien, Sheraton, Four Points by Sheraton, Aloft, Element and the recently introduced Tribute Portfolio brands.

The merger would create the world’s largest hotel company, with 5,500 hotels and 1.1 million bedrooms worldwide across 30 brands.

RELATED STORIES
Starwood plans to end Marriott merger deal after ‘superior’ offer from Anbang


Starwood has received a new bid from the Chinese consortium that wants to buy it and has notified Marriott of its intention to terminate the merger agreement it had with the rival hotel firm.
Starwood mulls rival takeover bid


Global hotel giant Starwood has received a surprise US$12.8bn takeover offer from a group led by China’s Anbang Insurance Group, which could scupper its planned merger with Marriott to create the world’s largest hotel company.
Marriott buying Starwood for US$12.2bn


Marriott International is buying its rival, Starwood Hotels & Resorts, for US$12.2bn (€11.4b, £8bn), creating the world’s largest hotel company, with 5,500 hotels and 1.1 million bedrooms worldwide across 30 brands.
MORE NEWS
Susan Friedland honoured with Leading Woman in Wellness award at 2021 Global Wellness Summit
Industry figure Susan Friedland has been celebrated with the Global Wellness Summit’s (GWS) annual Leading Woman in Wellness Award.
Tammy Pahel, Kathryn Moore and Anni Hood to headline World Halotherapy Symposium
The two-day World Halotherapy Symposium will go live tomorrow on 7 December to encourage the convergence of the halotherapy and wellness industries.
Six Senses to debut in Japan with Japanese Zen-inspired spa and bathing rituals
Global hotel and spa operator Six Senses will open its first Japanese property in Kyoto in 2024.
Raffles launches opulent five-star resort and Cinq Mondes spa on Dubai coastline
Raffles Hotels and Resorts has opened a new resort in Dubai with a comprehensive 23- treatment-room spa to reflect the city’s lavish character.
GWI partners with BBC for its new film series demystifying wellness
The Global Wellness Institute (GWI) and BBC Storyworks have struck up a partnership to create a digital film series exploring the true meaning of wellness.
Global wellness economy will be worth US$7trn by 2025
The global wellness economy will grow by 9.9 per cent annually and reach nearly US$7trn by 2025, according to new research by the Global Wellness Institute (GWI).
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