Marriott International has purchased Starwood Hotels in a $12.2 billion merger that will make Marriott the world’s largest hotel company.
Starwood owns 1,270 hotels and resorts around the world under 11 brands, including St. Regis, W Hotels, Sheraton, Westin, Le Meridien and others, including eight hotels in Metro Vancouver. Marriott also owns major brands like Renaissance Hotels, Delta Hotels and The Ritz-Carlton. Together, Marriott will now operate 30 of the world’s leading hotel companies.
As the world’s largest hotel brand, Marriott will now own or franchise over 5,500 hotels with 1.1 million rooms in over 100 countries. As of September 30, 2015, the two companies earned a combined revenue of $2.7 billion.
“The merged company will offer broader choice for guests, greater opportunities for associates and should unlock additional value for Marriott and Starwood shareholders,” says a release issued to Marriott investors.
Marriott’s strong loyalty program, Marriott Rewards with 54 million members will also combine with the Starwood Preferred Guest membership with 21 million members, creating a combined network of 75 million loyal customers.
“We have competed with Starwood for decades and we have also admired them. I’m excited we will add great new hotels to our system and for the incredible opportunities for Starwood and Marriott associates. I’m delighted to welcome Starwood to the Marriott family,” said J.W. Marriott, Jr., Marriott’s executive chairman and chairman of the board.
Up until today, Starwood owned eight hotels in Metro Vancouver, including:
The multi-billion dollar transaction is expected to close in mid-2016.