Marriott International has agreed to buy Starwood Hotels & Resorts Worldwide for $12.2bn, in a move that will create the world’s largest hotels chain with 1.1 million rooms.
In one of the largest merger deals the hospitality sector has seen, the agreement would create a powerhouse that operates or franchises more than 5,500 hotels.
“This is an opportunity to create value by combining the distribution and strengths of Marriott and Starwood, enhancing our competitiveness in a quickly evolving marketplace,” said Arne Sorenson, the chief executive of Marriott, who will lead the combined group. “This greater scale should offer a wider choice of brands to consumers.”
Full content: The Guardian
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