BETHESDA, Md.
Marriott International will become the largest hotel chain in the world after forging a $12.2 billion deal to buy Starwood Hotels & Resorts Worldwide, according to a breaking news report from Reuters.
After the deal's completion, the combined hotel company will be comprised of more than 5,500 hotels worldwide and offer 1.1 million rooms, according to the report, which added the deal will greatly increase Marriott’s presence outside of the U.S., as Starwood receives nearly two-thirds of its revenue from outside of the country. The deal is expected to close in mid-2016, according to statements from both companies.
Starwood owns major hotel brands that include Sheraton, St. Regis and Aloft. Other suitors seeking to buy Starwood included Intercontinental Hotels Group and Wyndham Worldwide, according to sources that contributed to the Reuters report. Hyatt was even rumored to be in the running for the purchase.
Reuters’ full report on the news—which will certainly shake up the meetings market—is available here.
