Hyatt Hotels is reportedly in advanced talks with Starwood Hotels & Resorts to purchase the hotel brand, according to CNBC and Reuters. CNBC broke the news that Hyatt was in the running to purchase the global hotel chain after receiving word from multiple sources, who went unnamed.
CNBC reported that under the cash and stock agreement, Hyatt management would retain control of both companies if a deal was reached. Shares of Starwood and Hyatt rose Wednesday morning, after already rising the previous day following buying interest from two Chinese firms, who have yet to submit an official bid.
The New York Times noted that even if Starwood and Hyatt were to merge, their combined size would still be less than leading competitors Marriott and Hilton. Starwood and Hyatt’s total number of rooms globally would be less than 500,000. Marriott and Hilton each have more than 700,000 rooms.
Starwood and Hyatt both declined to comment on the news, according to CNBC and Reuters.
