Marriott Hotels To Buy Out Rival Starwood In USD12.2 Billion Merger

Marriott International is poised to become the world’s biggest hotel chain as it has announced its intention to purchase its rival Starwood. The Washington Post said the USD12.2 billion stock and cash deal will make the newly-formed company the largest hotelier in the world by a wide margin, at 5,500 properties with over a million rooms all over the world. The deal will also cause both Starwood’s Sheraton, Westin and St. Regis brands to unite with Marriott’s Courtyard, Ritz-Carlton, Fairfield Inn brands.

In a statement, Marriott executive chairman J.W. Marriott, Jr said, "We have competed with Starwood for decades and we have also admired them. I'm excited we will add great new hotels to our system and for the incredible opportunities for Starwood and Marriott associates."

Prior to the merger, Mashable said Starwood’s future came in jeopardy after its CEO abruptly resigned. In April of this year, the hotel chain said it was looking at strategic opportunities in a bid to turn around its flagging growth. One of them was a potential sale.