News

Shareholders approve Marriott / Starwood merger

11 Apr 2016 by BusinessTraveller

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.

marriott.com, starwoodhotels.com

Mark Caswell

Loading comments...
Business Traveller September 2019 edition
Business Traveller September 2019 edition
Be up-to-date
Magazine Subscription
To see our latest subscription offers for Business Traveller editions worldwide, click on the Subscribe & Save link below
Polls