starwood hotels resorts worldwide
Marriott Counters – Starwood Accepts
Marriott International, Inc. | March 21, 2016
BETHESDA, Md. and STAMFORD, Conn., March 21, 2016 -- Starwood's Board of Directors determined that revised terms from Marriott constitute a superior proposal compared to previously announced offer by Consortium led by Anbang Insurance Group. Increased cash consideration to $21.00 for each share of Starwood common stock. Revised exchange ratio of 0.80 shares of Marriott common stock for each share of Starwood common stock. Targeted annual G&A synergies increased to $250 million run-rate. Marriott and Starwood special stockholder meetings to be held on April 8, 2016 with transaction closing planned for mid-2016. Marriott ...
Starwood Merger Termination Would Temper Marriott’s Ratings Momentum
Fitch Ratings | March 15, 2016
Fitch Ratings-New York-15 March 2016: Fitch Ratings would likely revise its Rating Outlook for Marriott International to Stable from Positive if Starwood Hotels & Resorts, Inc. terminates its merger agreement with the company to pursue a competing, higher bid from an investor consortium. Fitch could also revise Marriott's Outlook to Stable from Positive if the company deviates from its previously disclosed all-stock transaction funding strategy and uses debt to increase its offer for Starwood. Fitch is unaware of any plans by Marriott to modify its offer and/or funding strategy. However, Marriott has put forth a credible argumen...
Marriott International Reaffirms Commitment to Merge with Starwood Hotels and Resorts Worldwide
Marriott International, Inc. | March 14, 2016
BETHESDA, Md., March 14, 2016 -- Marriott International, Inc. (NASDAQ: MAR) today reaffirmed its commitment to acquire Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) to create the world's largest hotel company. The combined company will offer stockholders significant equity upside and greater long term value driven by a larger global footprint, wider choice of brands for consumers, improved economics to owners and franchisees leading to accelerated global growth and continued strong returns. Marriott is confident that the previously announced merger agreement is the best course for both companies. On March 11, 2016 Starwo...
Starwood Receives Takeover Bid Proposal from Consortium Led by Chinese Firm Anbang for $76 a Share
Starwood Hotels & Resorts Worldwide, Inc. | March 14, 2016
STAMFORD, Conn.-- March 14, 2016 -- Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) ("Starwood") today announced that on March 10, 2016 it received a non-binding proposal from a consortium of companies (the "Consortium") to acquire all of the outstanding shares of common stock of Starwood for $76.00 per share in cash. Pursuant to separate agreements entered into by Starwood, stockholders would additionally receive consideration in the form of Interval Leisure Group ("ILG") common stock from the previously announced spin-off of its vacation ownership business, Vistana Signature Experiences, and subsequent merger with ILG, curren...
Marriott and Starwood Set March 28, 2016 Date for Special Stockholder Meetings to Approve Previously Announced Combination Transactions
February 18, 2016
Bethesda, Maryland and Stamford, Connecticut, February 18, 2016 – Marriott International, Inc. (NASDAQ: MAR) and Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that their separate stockholder meetings to approve the previously announced combination transactions have been scheduled for 10:00 a.m. Eastern Time (ET) on March 28, 2016, with the mailing of their joint proxy statement expected to begin on or about February 19, 2016 to stockholders of record as of February 2, 2016, the record date for the meetings. The Marriott stockholder meeting will be held at its corporate headquarters at 10400 Fernwood Roa...
Marriott To Acquire Starwood Hotels & Resorts Worldwide, Creating The World’s Largest Hotel Company
Marriott International, Inc. | November 16, 2015
BETHESDA, Md. and STAMFORD, Conn., Nov. 16, 2015 -- Marriott International, Inc. (NASDAQ: MAR) and Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that the boards of directors of both companies have unanimously approved a definitive merger agreement under which the companies will create the world's largest hotel company. The transaction combines Starwood's leading lifestyle brands and international footprint with Marriott's strong presence in the luxury and select-service tiers, as well as the convention and resort segment, creating a more comprehensive portfolio. The merged company will offer broad...
Starwood Hotels & Resorts Signs Seven New Properties in Africa and Indian Ocean
Starwood Hotels & Resorts Worldwide, Inc. | September 30, 2015
ADDIS ABABA, Ethiopia--September 30, 2015--From the Africa Hotel Investment Forum (AHIF) in Addis Ababa, Ethiopia, hospitality leader Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced aggressive expansion in Africa and Indian Ocean, increasing its market penetration across the region. Today the company has a strong footprint with 34 operating hotels and a robust pipeline of 20 hotels under development. With the expansion of its luxury, upper upscale and mid-market brands, Starwood will grow its portfolio by over 50% in the next five years, with more than 50 hotels operating and nine out of its 10 compelling lifest...
Alison Taylor Assumes Role as Senior Vice President of Starwood Hotels & Resorts’ Sales Organization
Starwood Hotels & Resorts Worldwide, Inc. | July 8, 2015
STAMFORD, Conn., July 8, 2015 -- Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today announced that Alison Taylor has assumed the role of Senior Vice President of Starwood's Sales Organization. In her new role, Taylor leads Starwood's business-to-business sales strategy and directs the company's sales team of more than 5,000 associates around the world. A 25-year Starwood veteran, Taylor replaced Christie Hicks, who retired in March of this year. "I am thrilled to take on this new opportunity and will leverage my broad experience and deep connections with customers and within Starwood to grow our groups and meetings business...
