Marriott has also announced it will match member status across Marriott Rewards – which includes The Ritz-Carlton Rewards – and Starwood Preferred Guest, enabling members to transfer points between the programmes.
J.W. Marriott Jr, executive chairman and chairman of the board of Marriott International, said: “With the addition of Starwood’s strong brands, great properties, and talented people, we have dramatically expanded our ability to provide the best experiences to our customers.
“We also welcome the tremendous responsibility as the world’s largest hotel company to be a good global steward, providing new opportunities for our associates and building the economic strength of the communities we call home.”
Arne Sorenson, president and chief executive of Marriott International, added: “We believe that Marriott now has the world’s best portfolio of hotel brands, the most comprehensive global footprint, and the most extensive loyalty programs, providing an unparalleled guest experience.
Combining Starwood’s brands with ours better enables Marriott to reach our goal of having the right brand in the right place to serve our loyal guests and welcome new ones.”
The new company will operate or franchise more than 5,700 properties, representing 30 brands from the moderate-tier to luxury in more than 110 countries.
With the completion of this acquisition, Marriott’s distribution has more than doubled in Asia and the Middle East & Africa combined.
Starwood’s shares will cease trading on the New York Stock Exchange and Starwood shareholders will receive $21 in cash and 0.80 shares of
Marriott International for each share of Starwood Hotels & Resorts Worldwide common stock.
Lazard and Citigroup were financial advisors to Starwood Hotels & Resorts Worldwide and Deutsche Bank Securities and Goldman Sachs were the financial advisors to Marriott International.