Mon, May 2, 5:30 PM
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Mon, Apr. 25, 8:23 AM
- Starwood Hotels & Resorts (NYSE:HOT) announces it will double the number of Element hotels in North America by the end of 2018.
- Cities slated to have an Element opening include Austin, Dallas, Alberta (Canada), Nashville, and Philadelphia.
- The company also plans to add Element hotels in China.
- Now read Starwood-Marriott Merger: What You Need To Know
Thu, Apr. 14, 9:00 AM| Thu, Apr. 14, 9:00 AM
Wed, Apr. 13, 10:39 AM
- The travel sector will face some near-term challenges as companies expand into Cuba, according to analysis from Moody's.
- Cruise line operators (CCL, RCL, NCLH) face limited port infrastructure in Cuba which will limit growth. Larger ship trips are unlikely until considerable construction is taken up.
- Hotel chains (MAR, HOT) looking to bring well-known brands to the island also infrastructure issues. Government-controlled employee compensation is also in the mix.
- Priceline (NASDAQ:PCLN) appears to be in a better position to benefit from travel to Cuba with its simpler business model.
Fri, Apr. 8, 11:36 AM
- Shareholders at Marriott International (MAR +0.9%) and Starwood Hotels & Resorts (HOT +0.7%) officially approve the merger of the two hotel companies.
- 97% of Marriot shareholders that voted gave the thumbs-up, while the percentage for Starwood voters was 95%.
- The deal has cleared some antitrust hurdles to keep it on track for a mid-2016 closing.
- Now read Starwood Hotels & Resorts and Marriott investor meeting transcript
Fri, Apr. 1, 9:17 AM
Fri, Apr. 1, 2:08 AM
- Anbang Insurance Group has walked away from its planned offer for Starwood Hotels (NYSE:HOT), after teaming up with private equity firms Primavera Capital and J.C. Flowers for a $14B deal.
- The reason? According to Reuters, the Chinese insurer's consortium was not interested in a protracted bidding war.
- The surprise move clears the way for rival suitor Marriott (NASDAQ:MAR) to buy the Sheraton and Westin hotels operator.
- Previously: WSJ: Anbang to back way from Starwood bid (Mar. 31 2016)
Thu, Mar. 31, 5:40 PM
Thu, Mar. 31, 4:23 PM
- Anbang is going to walk away from the merger battle for Starwood Hotels & Resorts (NYSE:HOT), according to a report from The Wall Street Journal. More details are expected out from the publication shortly.
- After-hours trading check : HOT -4.6%, MAR -4.5%, IILG -1.0%.
- Now read Starwood Investors Dancing As Competing Bids Drive Up Value
Mon, Mar. 28, 9:30 AM
- Starwood Hotels & Resorts (NYSE:HOT) says a new offer from a consortium led by Anbang came in at $82.75 per share. If the consideration for Interval Leisure Group (NASDAQ:IILG) is factored in, the offer has a combined value of $88.66.
- The company says the new bid is "reasonably likely" to qualify as a superior proposal, although Marriott International (NASDAQ:MAR) can still come in with another offer. The Starwood board is on record as preferring the Marriott offer.
- HOT +2.42% premarket to $84.10.
Mon, Mar. 21, 10:34 AM
- Diamond Resorts International (DRII -8.2%) and Wyndham Worldwide (WYN -4.6%) are both down sharply in early trading.
- Also slumping amid more Starwood-Marriott merger news is Marriott Vacations (VAC -1.7%) and Interval Leisure GRoup (IILG -1.7%), while Hyatt Hotels (H +2.9%) and Starwood Hotels & Resorts (HOT +4.1%) are higher.
- A regulatory order issued by the Consumer Financial Protection Service against privately-owned Westgate Resorts continues to be factor in the timeshare sector, while the expansion of hotel chains into Cuba is in the mix on the hotel side of the lodging business.
Mon, Mar. 21, 7:11 AM
- Starwood Hotels & Resorts (NYSE:HOT) and Marriott International (NASDAQ:MAR) sign a revised merger agreement.
- The new terms call for Starwood shareholders to receive $21.00 in cash and 0.80 shares of Marriott International per share held.
- The combination of the two hotel operators is expected to generate general & administrative run-rate synergies of $250M.
Sun, Mar. 20, 9:49 AM
- Starwood (NYSE:HOT) has signed an agreement to manage three prominent hotels in Havana, marking the first time since the 1959 revolution that a U.S. hospitality company has been allowed to operate in Cuba.
- The multi-million dollar investment comes on the eve of President Obama's historic visit to the island.
- Starwood received an authorization from the U.S. Treasury Department last week to begin operating hotels in Cuba - something that would have previously been prohibited under the longstanding economic embargo.
Fri, Mar. 18, 5:34 PM
- Starwood's (NYSE:HOT) spinoff of its vacation timeshare business (in the works for more than a year), known as Vistana Signature Experiences, has been given a record date of March 28. Immediately following the spinoff, Vistana will merge with Interval Leisure Group (NASDAQ:IILG) in a deal that valued Vistana at $1.5B when it was struck in October.
- Provided ILG shareholders approve the deal at an April 20 meeting, the spinoff and merger are expected to close "on or around" April 30. They'll results in Starwood shareholders owning 55% of the post-merger company via distributed shares, and ILG shareholders the rest.
- Starwood closed up 5.5% today to $80.57 after announcing a $78/share deal to sell to a consortium led by China's Anbang Insurance and J.C. Flowers. Markets are betting former merger partner Marriott will counter with a higher offer.
Fri, Mar. 18, 9:27 AM
- Marriott International (NASDAQ:MAR) issues a statement following the announcement of Starwood Hotel & Resorts (NYSE:HOT) acceptance of an offer from an Anbang consortium.
- The company notes it still has until March 28 to bring in a new offer and has a tidy termination fee of $400M fee waiting for it if a new deal isn't struck. The tone from Marriott is that the chase is decidedly still on.
- The quick analysis from several hotel sector analysts is that a Marriott-Starwood deal is ultimately more likely than an Anbang-Starwood combination.
- M +1.32% to $72.25. HOT +5.04% to $80.24. Shares of Hyatt Hotels (NYSE:H) and InterContinental Hotels Group (NYSE:IHG) are on watch due to their trend of extra volatility on sector M&A developments.
- Previously: Marriott loses Starwood (for now) (Mar. 18 2016)
Fri, Mar. 18, 8:58 AM
- Starwood Hotel (NYSE:HOT) has agreed to sell itself to a consortium led by China's Anbang Insurance and J.C. Flowers for $78 per share in cash, which is $2 per share higher than the group initially offered on March 10.
- Starwood is giving Marriott (NASDAQ:MAR) until March 28 to submit a counterproposal. The current value of Marriot's bid is $71 per share (in stock, cash, and spin-off).
- Source: Press Release
- HOT +4.45% to $79.76 premarket. MAR +1%.
- Previously: Starwood higher after receiving new offer (March 14)
Starwood Hotels & Resorts Worldwide, Inc. owns and operates hotels and resorts. The company through its subsidiaries, owns, operates and franchises hotels, resorts and residences with brands. It also owns Starwood Vacation Ownership, Inc., which provides vacation experiences through villa-style... More
Country: United States
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