MARRIOTT COMPLETES ACQUISITION OF STARWOOD

Following this week’s approval from the Chinese Ministry of Commerce, which had been the only regulatory approval still outstanding for the merger, Marriott International today completed its acquisition of Starwood Hotels & Resorts, signalling the intention to keep all 30 of the combined groups’ brands, and beginning a complex integration process that may take another year to two years to complete. The US$13 billion merger creates the world’s largest hotel company, with more than 1.1 million rooms and about 5,700 hotels in more than 110 countries. Marriott is estimating that the merger will deliver cost savings of around US$250 million per year.

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