Business

Marriott acquisition

Marriott acquisition

By ASSOCIATED PRESS

NEW YORK: 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 per cent more rooms to Marriott’s portfolio and give it more unique, design-focused hotels that appeal to younger travellers. 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. The next-largest hotel company is Hilton Worldwide with 4,400 properties and about 720,000 rooms.