Marriott's Starwood purchase makes largest hotel chain
Marriott says the merger will help it reach $250 million in annual savings
A general view shows the Marriott hotel in Minsk, Belarus May 17, 2016. PHOTO: REUTERS
NEW YORK:
The US hotels giant Marriott International on Friday announced it had completed its takeover of Starwood Hotels & Resorts, creating the world's largest hotel company.
Shareholders in both companies had voted in April to approve the takeover after the Chinese insurer Anbang abandoned efforts to acquire Starwood.
"The new company will operate or franchise more than 5,700 properties and 1.1 million rooms, representing 30 leading brands from the moderate-tier to luxury in over 110 countries," Marriott said in a statement.
The now puts it well ahead of competitors Hilton Worldwide and InterContinental Hotels Group.
The merger with Marriott will also let Starwood remain under US management and group its brands with those of Marriott, such as Ritz-Carlton, Gaylord Hotels and JW Marriott.
Marriott said it was confident the merger would help it reach $250 million in annual savings.
The US hotels giant Marriott International on Friday announced it had completed its takeover of Starwood Hotels & Resorts, creating the world's largest hotel company.
Shareholders in both companies had voted in April to approve the takeover after the Chinese insurer Anbang abandoned efforts to acquire Starwood.
"The new company will operate or franchise more than 5,700 properties and 1.1 million rooms, representing 30 leading brands from the moderate-tier to luxury in over 110 countries," Marriott said in a statement.
The now puts it well ahead of competitors Hilton Worldwide and InterContinental Hotels Group.
The merger with Marriott will also let Starwood remain under US management and group its brands with those of Marriott, such as Ritz-Carlton, Gaylord Hotels and JW Marriott.
Marriott said it was confident the merger would help it reach $250 million in annual savings.