Marriott buys rival hotel chain Starwood for $12.2 billion
NEW YORK (AP) — Marriott International is buying rival hotel chain Starwood for $12.2 billion in a deal that will secure its position as the world's largest hotelier.
The stock-and-cash deal, if completed, will add 50 percent more rooms to Marriott's portfolio and give it more unique, design-focused hotels that appeal to younger travelers.
The new company would have 5,500 properties with more than 1.1 million rooms around the world, uniting Starwood's brands, which include Westin, W and St. Regis, with Marriott's two dozen brands including Marriott's Courtyard, Ritz-Carlton and Fairfield Inn.
Back in April, Starwood announced its board was exploring strategic options for the hotel company.
There was speculation in the markets about a potential deal with Holiday Inn owner Intercontinental Hotels Group and more recently Hyatt Hotels Corp.