Marriott buys Starwood to create largest hotel chain

  • Marriott International Inc announced an agreement to buy competitor Starwood Hotels and Resorts in a $12.2 billion transaction that will create the world's largest hotel chain. Starwood stockholders would receive 0.92 Marriott Class A share and $2 in cash for each share, media reports cited the companies as saying in a joint statement. The combined company will be the world's largest hotelier, with 1.1 million rooms in more than 5,500 facilities across over 100 countries and an annual turnover of $2.7 billion. (Source: IANS)