WASHINGTON, D.C. — Marriott International Inc. announced today it will acquire Starwood Hotels & Resorts Worldwide Inc. for $12.2 billion, creating the world’s largest hotel chain.
The combined company will own or franchise more than 5,500 hotels with 1.1 million rooms worldwide and will grow Marriott’s presence in markets such as Europe, Latin America and Asia — including India and China.
Marriott currently has three-quarters of its rooms in the U.S., while Starwood gets nearly two-thirds of its revenue from outside the U.S. “We have been in the business for a long time but Starwood is more global than Marriott is,” said Marriott CEO Arne Sorenson, who will lead the combined company. “It’s a good thing that we will have more sources (of growth) from around the world.”
Starwood’s portfolio includes Four Points by Sheraton, Sheraton, Aloft, W Hotels, Le Méridien, The Luxury Collection, Element, Westin Hotels & Resorts, St. Regis Hotels & Resorts, Tribute Portfolio and Design Hotels.
The deal is expected to close in mid-2016.