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Marriott and Starwood to Become One   News ArchiveNovember 27, 2015 Marriott International has announced that it will acquire Starwood Hotels & Resorts Worldwide, creating a combined company with more than 5,500 hotels (1.1 million rooms) and 30 brands, the largest hotel firm in the world. Under the terms of the merger, Marriott will pay US$12.2 billion, comprising US$11.9 billion of Marriott International stock and US$340 million in cash. Arne Sorenson, president and chief executive officer of Marriott International, said, "The driving force behind this transaction is growth. This is an opportunity to create value by combining the distribution and strengths of Marriott and Starwood, enhancing our competitiveness in a quickly evolving marketplace." From the Starwood camp, Bruce Duncan, chairman of the Board of Directors, commented, "During our comprehensive review of strategic and financial alternatives, it was clear that our talented people, world-class brands, global leadership and spirit of innovation were much admired and key drivers of our value. Our board concluded that a combination with Marriott provides the greatest long-term value for our shareholders and the strongest and most certain path forward for our company." Source:hvs.com