Marriott/Starwood Merger Set To Close Friday
by Jessica MontevagoPhoto: Thomas Ledl
Marriott International’s takeover of Starwood Hotels & Resorts is on track to close Friday, creating the world’s largest hotel company.
The two companies said Tuesday they received antitrust approval from Chinese regulators and expect the deal to close before markets open Sept. 23. The Chinese Ministry of Commerce twice requested additional time to review the planned merger – the final step before the deal was able close. The companies secured approvals from more than 40 countries, including the United States and Canada.
It’s an exceptionally timely date for the travel agency community, as Marriott president and CEO Arne Sorenson is set to take the stage Monday at the ASTA Global Convention in Reno.
“By combing these two platforms, we will be a bigger buyer of tomatoes or reservations or systems,” Sorenson said in an April call with investors. “All of the hotels will benefit from that.”
After a month-long bidding war with China’s Anbang Insurance Group, Marriott hoped the $13 billion transaction would close in July.
The combined company will operate more than 5,500 hotels with 1.1 million rooms worldwide.
