The shareholders of both Marriott International and Starwood Hotels and Resorts have voted in favour of the proposed merger deal which would create the world’s largest hotel company.
Marriott shareholders voted 97 per cent in favour of the deal, while 95 per cent of Starwood shareholders approved the merger.
The approval follows weeks of uncertainty, with a Chinese consortium led by insurance giants Anbang entering the bidding process before ultimately pulling out due to “market considerations” (see news April 1).
The merger is on track to close mid-year, pending Starwood’s divesture of its timeshare business, and the obtaining of regulatory approvals in markets including the EU and China.
If successful the deal will see Marriott pay around $12.4 billion for Starwood.