{"id":1004153376,"date":"2016-09-26T01:52:15","date_gmt":"2016-09-26T09:52:15","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004153376"},"modified":"2020-05-14T02:02:55","modified_gmt":"2020-05-14T10:02:55","slug":"marriott-completes-13b-starwood-buy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/marriott-completes-13b-starwood-buy\/","title":{"rendered":"Marriott Completes $13B Starwood Buy"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/p>\n

\"Arne<\/a>

Arne Sorenson, President & CEO, Marriott International<\/p><\/div>\n

Washington<\/strong>\u2014Marriott International Inc.<\/a> has officially acquired Starwood Hotels & Resorts Worldwide<\/a>, in a $13 billion deal, creating the world\u2019s largest hotel company.<\/p>\n

The combined company will operate or franchise more than 5,700 properties and 1.1 million rooms, representing 30 leading brands from the moderate-tier to luxury across 110 countries.<\/p>\n

\u201cThroughout our nearly 90-year history we have never stopped searching for innovative ways to serve our guests,\u201d J.W. Marriott, Jr., Marriott International\u2019s executive chairman & chairman of the board, said in a statement. \u201cWith the addition of Starwood\u2019s strong brands, great properties, and talented people, we have dramatically expanded our ability to provide the best experiences to our customers.\u201d<\/p>\n

With the acquisition, Marriott now offers the most comprehensive portfolio of brands including leading lifestyle brands, a significant global footprint, and leadership in the luxury and select-service tiers, as well as the convention and resort segment. Its distribution has more than doubled in Asia and the Middle East and Africa combined.<\/p>\n

Additionally, the acquisition enables the combined company to expand the scope of its distribution and portfolio, while deploying its larger scale to realize cost efficiencies in its corporate and property operations.<\/p>\n

\u201cWe believe that Marriott now has the world\u2019s best portfolio of hotel brands, the most comprehensive global footprint, and the most extensive loyalty programs, providing an unparalleled guest experience,\u201d stated Arne Sorenson, Marriott International president & CEO. \u201cCombining Starwood\u2019s brands with ours better enables Marriott to reach our goal of having the right brand in the right place to serve our loyal guests and welcome new ones.\u201d<\/p>\n

Effective immediately, Marriott will match member status across Marriott Rewards, which includes The Ritz-Carlton Rewards and Starwood Preferred Guest, enabling members to transfer points between the programs for travel and exclusive experiences when they link their accounts.<\/p>\n

According to Marriott, Jr., the company welcomes the tremendous responsibility as the world\u2019s largest hotel company<\/a> to be a good global steward, providing new opportunities for its associates and building the economic strength of the communities its calls home.<\/p>\n

The company announced during a press call that it is confident it can achieve $250 million in annual corporate cost synergies. Additional synergies at the property level should come in the form of leveraging scale in operations and sharing best practices.<\/p>\n

\u201cThese enhanced efficiencies and revenue opportunities should drive improved property-level profitability as well as greater owner and franchisee preference for the combined company\u2019s brands, which will encourage new hotel development,\u201d Sorenson said. \u201cAs new travel destinations emerge, Marriott can be counted on to be there.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Nearly one year after first revealing merger plans, the two hotel giants officially combined forces Sept. 23.<\/p>\n","protected":false},"author":451,"featured_media":1004140903,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21751,21783,11,23891,21742,1615],"tags":[],"class_list":["post-1004153376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-hotel","category-investment","category-midatlantic","category-national","category-latest","category-washington-dc"],"acf":[],"yoast_head":"\nMarriott Completes $13B Starwood Buy - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/marriott-completes-13b-starwood-buy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Marriott Completes $13B Starwood Buy\" \/>\n<meta property=\"og:description\" content=\"Nearly one year after first revealing merger plans, the two hotel giants officially combined forces Sept. 23.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/marriott-completes-13b-starwood-buy\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-09-26T09:52:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-14T10:02:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/Arne-Sorenson.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"798\" \/>\n\t<meta property=\"og:image:height\" content=\"890\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/marriott-completes-13b-starwood-buy\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/marriott-completes-13b-starwood-buy\/\",\"name\":\"Marriott Completes $13B Starwood Buy - 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