You are here: Home » PTI Stories » National » News

Marriott buys Starwood, becoming world's largest hotel chain

Several of the best-known names in travel are now united in one hotel company.

Marriott International closed this morning on its USD 13 billion of Starwood Hotels and Resorts Worldwide, bringing together its Marriott, Courtyard and Ritz Carlton brands with Starwood's Sheraton, Westin, W and St Regis properties.

In total, 30 hotel brands now fall under the Marriott umbrella to create the largest hotel chain in the world with more than 5,700 properties and 1.1 million rooms in more than 110 countries. That's more than 1 out of every 15 hotel rooms around the globe.

Marriott now eclipses Hilton Worldwide's 773,000 rooms and the 766,000 that are part of the Intercontinental Hotels Group family, according to STR, a firm that tracks hotel data.

"We've got an ability to offer just that much more choice.

A choice in locations, a choice in the kind of hotel, a choice in the amount a customer needs to spend," Marriott CEO Arne Sorenson told The Associated Press in an interview yesterday.

Starwood's guest loyalty program Starwood Preferred Guest was also a "central, strategic rationale for the transaction," Sorenson said. The program's members are deeply loyal to it, have generally higher incomes and tend to spend many nights on the road.

Starting today, members of Starwood and Marriott's two loyalty programs will be able to link their accounts together.

Gold elite members in one program will get gold status in the other. Platinum elite members will get platinum in the other. Marriott silver members will see Starwood's lowest category, Preferred Plus.

Each Starwood point will be worth three Marriott Rewards points.

Starwood put itself up for sale in April 2015. The Stamford, Connecticut, company had struggled to grow as fast as its rivals, particularly in "limited service hotels," which are smaller properties which don't have restaurants or banquet halls. They are often located on the side of the highway, near airports or in suburban office parks.

To get Starwood, Marriott had to outbid China's Anbang Insurance Group. US and European anti-trust regulators were quick to approve the sale but the Chinese government hesitated, delaying the sale by months.

"We may have been a little too optimistic about how fast we could get this thing closed," Sorenson said yesterday.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22
Business Standard

Marriott buys Starwood, becoming world's largest hotel chain

AP  |  New York 

Several of the best-known names in travel are now united in one hotel company.

Marriott International closed this morning on its USD 13 billion of Starwood Hotels and Resorts Worldwide, bringing together its Marriott, Courtyard and Ritz Carlton brands with Starwood's Sheraton, Westin, W and St Regis properties.



In total, 30 hotel brands now fall under the Marriott umbrella to create the largest hotel chain in the world with more than 5,700 properties and 1.1 million rooms in more than 110 countries. That's more than 1 out of every 15 hotel rooms around the globe.

Marriott now eclipses Hilton Worldwide's 773,000 rooms and the 766,000 that are part of the Intercontinental Hotels Group family, according to STR, a firm that tracks hotel data.

"We've got an ability to offer just that much more choice.

A choice in locations, a choice in the kind of hotel, a choice in the amount a customer needs to spend," Marriott CEO Arne Sorenson told The Associated Press in an interview yesterday.

Starwood's guest loyalty program Starwood Preferred Guest was also a "central, strategic rationale for the transaction," Sorenson said. The program's members are deeply loyal to it, have generally higher incomes and tend to spend many nights on the road.

Starting today, members of Starwood and Marriott's two loyalty programs will be able to link their accounts together.

Gold elite members in one program will get gold status in the other. Platinum elite members will get platinum in the other. Marriott silver members will see Starwood's lowest category, Preferred Plus.

Each Starwood point will be worth three Marriott Rewards points.

Starwood put itself up for sale in April 2015. The Stamford, Connecticut, company had struggled to grow as fast as its rivals, particularly in "limited service hotels," which are smaller properties which don't have restaurants or banquet halls. They are often located on the side of the highway, near airports or in suburban office parks.

To get Starwood, Marriott had to outbid China's Anbang Insurance Group. US and European anti-trust regulators were quick to approve the sale but the Chinese government hesitated, delaying the sale by months.

"We may have been a little too optimistic about how fast we could get this thing closed," Sorenson said yesterday.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

RECOMMENDED FOR YOU

Marriott buys Starwood, becoming world's largest hotel chain

Several of the best-known names in travel are now united in one hotel company. Marriott International closed this morning on its USD 13 billion acquisition of Starwood Hotels and Resorts Worldwide, bringing together its Marriott, Courtyard and Ritz Carlton brands with Starwood's Sheraton, Westin, W and St Regis properties. In total, 30 hotel brands now fall under the Marriott umbrella to create the largest hotel chain in the world with more than 5,700 properties and 1.1 million rooms in more than 110 countries. That's more than 1 out of every 15 hotel rooms around the globe. Marriott now eclipses Hilton Worldwide's 773,000 rooms and the 766,000 that are part of the Intercontinental Hotels Group family, according to STR, a firm that tracks hotel data. "We've got an ability to offer just that much more choice. A choice in locations, a choice in the kind of hotel, a choice in the amount a customer needs to spend," Marriott CEO Arne Sorenson told The Associated Press in an interview ... Several of the best-known names in travel are now united in one hotel company.

Marriott International closed this morning on its USD 13 billion of Starwood Hotels and Resorts Worldwide, bringing together its Marriott, Courtyard and Ritz Carlton brands with Starwood's Sheraton, Westin, W and St Regis properties.

In total, 30 hotel brands now fall under the Marriott umbrella to create the largest hotel chain in the world with more than 5,700 properties and 1.1 million rooms in more than 110 countries. That's more than 1 out of every 15 hotel rooms around the globe.

Marriott now eclipses Hilton Worldwide's 773,000 rooms and the 766,000 that are part of the Intercontinental Hotels Group family, according to STR, a firm that tracks hotel data.

"We've got an ability to offer just that much more choice.

A choice in locations, a choice in the kind of hotel, a choice in the amount a customer needs to spend," Marriott CEO Arne Sorenson told The Associated Press in an interview yesterday.

Starwood's guest loyalty program Starwood Preferred Guest was also a "central, strategic rationale for the transaction," Sorenson said. The program's members are deeply loyal to it, have generally higher incomes and tend to spend many nights on the road.

Starting today, members of Starwood and Marriott's two loyalty programs will be able to link their accounts together.

Gold elite members in one program will get gold status in the other. Platinum elite members will get platinum in the other. Marriott silver members will see Starwood's lowest category, Preferred Plus.

Each Starwood point will be worth three Marriott Rewards points.

Starwood put itself up for sale in April 2015. The Stamford, Connecticut, company had struggled to grow as fast as its rivals, particularly in "limited service hotels," which are smaller properties which don't have restaurants or banquet halls. They are often located on the side of the highway, near airports or in suburban office parks.

To get Starwood, Marriott had to outbid China's Anbang Insurance Group. US and European anti-trust regulators were quick to approve the sale but the Chinese government hesitated, delaying the sale by months.

"We may have been a little too optimistic about how fast we could get this thing closed," Sorenson said yesterday.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard