Breaking: Starwood-Marriott merger back on again after Marriott ups its offer
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.
Marriott Starwood merger AnbangStarwood plans to end Marriott merger deal after ‘superior’ offer from Anbang
Starwood mulls US$12.8bn rival takeover bid
Marriott buying Starwood for US$12.2bn
UAE’s first Dior Spa debuts in Dubai at Dorchester Collection’s newest hotel, The Lana
Europe's premier Evian Spa unveiled at Hôtel Royal in France
Clinique La Prairie unveils health resort in China after two-year project
GoCo Health Innovation City in Sweden plans to lead the world in delivering wellness and new science
Four Seasons announces luxury wellness resort and residences at Amaala
Aman sister brand Janu debuts in Tokyo with four-floor urban wellness retreat
€38m geothermal spa and leisure centre to revitalise Croatian city of Bjelovar
Two Santani eco-friendly wellness resorts coming to Oman, partnered with Omran Group
Kerzner shows confidence in its Siro wellness hotel concept, revealing plans to open 100
Ritz-Carlton, Portland unveils skyline spa inspired by unfolding petals of a rose
Rogers Stirk Harbour & Partners are just one of the names behind The Emory hotel London and Surrenne private members club
Peninsula Hot Springs unveils AUS$11.7m sister site in Australian outback
IWBI creates WELL for residential programme to inspire healthy living environments
Conrad Orlando unveils water-inspired spa oasis amid billion-dollar Evermore Resort complex
Studio A+ realises striking urban hot springs retreat in China's Shanxi Province
Populous reveals plans for major e-sports arena in Saudi Arabia
Wake The Tiger launches new 1,000sq m expansion
Othership CEO envisions its urban bathhouses in every city in North America
Merlin teams up with Hasbro and Lego to create Peppa Pig experiences
SHA Wellness unveils highly-anticipated Mexico outpost
One&Only One Za’abeel opens in Dubai featuring striking design by Nikken Sekkei
Luxury spa hotel, Calcot Manor, creates new Grain Store health club
'World's largest' indoor ski centre by 10 Design slated to open in 2025
Murrayshall Country Estate awarded planning permission for multi-million-pound spa and leisure centre
Aman's Janu hotel by Pelli Clarke & Partners will have 4,000sq m of wellness space
Therme Group confirms Incheon Golden Harbor location for South Korean wellbeing resort
Universal Studios eyes the UK for first European resort
King of Bhutan unveils masterplan for Mindfulness City, designed by BIG, Arup and Cistri
Rural locations are the next frontier for expansion for the health club sector
Tonik Associates designs new suburban model for high-end Third Space health and wellness club
BrunelloCucinelli has madehisfortune from cashmere and has used hiswealthto restoreandrevive theItalian hamlet he callshome. Wefindout more