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Nov. 16, 2015, 6:19 AM
- Marriott International (NASDAQ:MAR) has agreed to acquire Starwood Hotels & Resorts Worldwide (NYSE:HOT) in a deal valued at about $12.2B, creating the world's largest hotel company.
- Under the terms of the deal, Starwood shareholders will receive 0.92 shares of Marriott Class A common stock and $2 in cash for each share of Starwood common stock.
- Combined, the companies operate more than 5,500 hotels with 1.1M rooms worldwide, with pro forma fee revenue for the 12 months ended September 30, 2015 totaling over $2.7B.
- MAR +0.4%; HOT -0.9% premarket
Oct. 28, 2015, 9:54 AM
- Starwood Hotels & Resorts (NYSE:HOT) is up another 6.7% today to follow up on yesterday's late pop inspired by a WSJ report on Chinese interest in U.S. hotel chains.
- CNBC is reporting that Hyatt Hotels (H +3.1%) is in advanced talks to purchase Starwood in a cash and stock deal. Hyatt is believed to be more than a step ahead of the Chinese players.
- A deal could be announced within the next few weeks.
- CNBC video report
- Previously: Hotel stocks higher after Chinese firms express interest in Starwood (Oct. 27 2015)
Jul. 30, 2015, 11:19 AM
- InterContinental Hotels Group (IHG +3.4%) and Starwood Hotels & Resorts (HOT +0.8%) are in informal talks about a merger, sources tell Financial Times.
- Both companies reported earnings today without commenting on consolidation plans.
- Previously: Starwood Hotel & Resorts beats by $0.10, beats on revenue (Jul. 30 2015)
- Previously: InterContinental Hotels reports 1H15 results (Jul. 30 2015)
Jun. 8, 2015, 6:12 PM
- Starwood Hotels (NYSE:HOT) is selling The Phoenician, a luxury resort located in Scottsdale, AZ, to Host Hotels (NYSE:HST) for $400M in cash.
- The deal follows the $117M sale of Starwood's Gritti Palace hotel in Venice, Italy, and is declared to be another step towards hitting a goal of selling $800M worth of assets by year's end.
- The Phoenician will "undergo a complete renovation" under Host's ownership. Starwood will continue operating the property via its Luxury Collection brand flag.
May 26, 2014, 7:52 AM
- InterContinental Hotels Group (IHG) has turned down a secret £6B offer from a U.S. rival for being too low, Sky News reports.
- It's unclear who the suitor was, although analysts speculated that it could have been Starwood Hotels & Resorts (HOT).
- InterContinental is bracing itself for a renewed offer from the bidder or from a rival, with U.S. hotel companies thought to be attracted by the prospect of moving their tax bases to U.K.
Dec. 6, 2011, 6:53 AM
Starwood Hotels & Resorts (HOT) announces it acquired a 49.8% stake in longtime partner Design Hotels AG for an undisclosed amount in a deal expected to close in Q1. The Berlin-based firm owns 200 member hotels in 40 countries.| Dec. 6, 2011, 6:53 AM
Nov. 2, 2011, 10:37 AM
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