Marriott to become worlds largest hotel company
By Craig Karmin and Ezequiel Minaya, Wall Street Journal
Marriott International Inc. said Monday that it has agreed to acquire Starwood Hotels & Resorts Worldwide Inc. in a deal worth $12.2 billion that will create the world’s largest hotel company with more than a million rooms globally.
Under the terms, Marriott will forward 0.92 share along with $2 in cash for each Starwood share, for a total of $11.9 billion in stock and $340 million in cash. The transaction has a value of $72.08 a Starwood share.
The merger creates a portfolio with more than 5,500 hotels with 1.1 million rooms world-wide, the companies said in a news release.
Marriott owns two properties in South Lake Tahoe.