Hotel operators Marriott International and Starwood have received approval from the Chinese Ministry of Commerce on their merger – the last regulatory approval required.
The companies are expected to complete the merger transaction before the market opens on 23 September, making Marriott the world’s largest hotel company.
Starwood shares will cease trading at that time, and shareholders will receive US$21 in cash and .80 shares of Marriott International stock.
The merger was almost derailed earlier this year when a
consortium led by Anbang Insurance Group pledged a higher price for Starwood; the consortium later withdrew its offer.
Marriott has more than 4,300 properties in 85 countries and territories, and operates and franchises hotels under The Ritz-Carlton, Bulgari, Edition, JW Marriott, Autograph Collection, Renaissance, Marriott, Delta brands and more. Starwood has more than 1,270 properties in 100 countries, and operates and franchises the St. Regis, The Luxury Collection, W, Design Hotels, Westin, Le Meridien, Sheraton, Four Points by Sheraton, Aloft, Element and the recently introduced Tribute Portfolio brands.
