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Holy Moly. Marriott is acquiring Starwood [Hotel Business, not Timeshares]

GrayFal

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Marriott International to Acquire Starwood Hotels & Resorts Worldwide,

http://news.marriott.com/2015/11/ma...rldwide-creating-the-worlds-largest-hote.html


http://news.marriott.com/2015/11/ma...rldwide-creating-the-worlds-largest-hote.html

Marriott International to Acquire Starwood Hotels & Resorts Worldwide, Creating the World's Largest Hotel Company
Marriott and StarwoodCombined Company Will Have 1.1 Million Rooms in More Than 5,500 Hotels,

Spanning the Globe in Over 100 Countries

30 Leading Brands Will Provide Guests Unmatched Choices

Transaction Offers Substantial Economies of Scale

Combined Company Should Deliver Significant Capital Returns to Shareholders

Conference Call with Investment Community at 9:00 am ET, Today, November 16, with Simultaneous Webcast

Marriott and Starwood infographic_R3Bethesda, MD, and Stamford, CT, November 16, 2015 – Marriott International, Inc. (NASDAQ: MAR) and Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that the boards of directors of both companies have unanimously approved a definitive merger agreement under which the companies will create the world’s largest hotel company. The transaction combines Starwood’s leading lifestyle brands and international footprint with Marriott’s strong presence in the luxury and select-service tiers, as well as the convention and resort segment, creating a more comprehensive portfolio.

. The merged company will offer broader choice for guests, greater opportunities for associates and should unlock additional value for Marriott and Starwood shareholders. Combined, the companies operate or franchise more than 5,500 hotels with 1.1 million rooms worldwide. The combined company’s pro forma fee revenue for the 12 months ended September 30, 2015 totals over $2.7 billion.

Download video b-roll, logos, images and infographic.

Transaction Highlights and Strategic Benefits

Summary of Transaction: Under the terms of the agreement, at closing, Starwood shareholders will receive 0.92 shares of Marriott International, Inc. Class A common stock and $2.00 in cash for each share of Starwood common stock. On a pro forma basis, Starwood shareholders would own approximately 37 percent of the combined company’s common stock after completion of the merger using fully diluted share counts as of September 30, 2015. Total consideration to be paid by Marriott totals $12.2 billion consisting of $11.9 billion of Marriott International stock, based on the 20-day VWAP (volume weighted average price) of Marriott stock ending on November 13, 2015, and $340 million of cash, based on approximately 170 million fully diluted Starwood shares outstanding at September 30, 2015.

Based on Marriott’s 20-day VWAP ending November 13, 2015, the merger transaction has a current value of $72.08 per Starwood share, including the $2 cash per share consideration.

Starwood shareholders will separately receive consideration from the spin-off of the Starwood timeshare business and subsequent merger with Interval Leisure Group, which has an estimated value of approximately $1.3 billion to Starwood shareholders or approximately $7.80 per Starwood share, based on the 20-day VWAP of Interval Leisure Group stock ending November 13, 2015.

The timeshare transaction should close prior to the Marriott-Starwood merger closing.
 
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falmouth3

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Thanks for posting. I wonder how this will affect Starwood owners. I'm hoping it will be a good thing.
 

Ralph Sir Edward

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Note - this is Marriott International, the hotel company, not MVC.

So what will Marriott International do with the Timeshare arm of Starwood?

Keep it? Spin it off? Sell it to MVC or somebody else? They just can't merge into MVC. They are separate companies. . .
 

NJDave

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Note - this is Marriott International, the hotel company, not MVC.

So what will Marriott International do with the Timeshare arm of Starwood?

Keep it? Spin it off? Sell it to MVC or somebody else? They just can't merge into MVC. They are separate companies. . .

It was previously announced that the timeshare arm of Starwood would be acquired by Interval.
 

sb2313

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There is a line in the linked article about the spinoff of Vistana(Starwood timeshares) to interval international as the timeshare section of starwood has already been spun off.
 

NYFLTRAVELER

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This has nothing to do with the Marriott timeshare business. In other words, the Starwood timeshares will NOT become part of the MVCI portfolio. To stay at a Sarwood timeshare you will continue to use II etc.......


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bazzap

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Remembering this is separate from the
"previously announced sale of Starwood vacation ownership business to Interval Leisure Group"
It will be interesting to see how this develops and what impact it has both on Marriott and the MVCI relationship with Interval
 

Jason245

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This will mean the end of the spg loyalty program :(

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steve b

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I think it is unlikely that the spg loyalty program will end for a long time. Marriott will want to make all those new Starwood customers happy and make sure they do not send their business elsewhere
 

pedro47

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I think it is unlikely that the spg loyalty program will end for a long time. Marriott will want to make all those new Starwood customers happy and make sure they do not send their business elsewhere

I agree Marriott enjoys having a loyal customers data base.
 

Lansdowne

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Wow - this will be very interesting for those of us who own both Starwood and Marriott! Starwood has sold their timeshare operation while keeping their SPG link - whatever that means now. Marriott has also separated their timeshare operation from their main operations as well. The next few years will probably require some tough decisions for many.
 

Jason245

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I think it is unlikely that the spg loyalty program will end for a long time. Marriott will want to make all those new Starwood customers happy and make sure they do not send their business elsewhere
Look at the United Continental merger or American /us airways..

Since there is even less government regulations, expect transition to be sooner..



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Antny

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Rebrand?

Just curious. Will the Starwood hotels be rebranded as Marriott or a subsidiary like Starwood by Marriott?
 

thinze3

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NICE!

I like many Starwood Hotels (especially Westins) and now they will become part of my search when looking for rooms. Also, there is a great Sheraton in Frisco, TX right down from my DD's home. :D
 

GrayFal

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http://thepointsguy.com/2015/11/marriott-to-acquire-starwood-hotels/

What does this mean for you?

While the deal is absolutely fantastic news for Marriott Rewards members, who will eventually have access to Starwood’s arguably higher-end portfolio, the implications aren’t so positive for the Starwood Preferred Guest program — and its 21 million members. SPG is significantly more rewarding than Marriott Rewards, which only last month announced plans to up its game a bit in order to catch up with the competition.

We can of course hope for Marriott to adopt the SPG program, but with fewer than half the members of Marriott Rewards, that certainly isn’t likely. And there is some hope that Marriott could operate the Starwood Preferred Guest program alongside its own, as IHG is currently doing with Kimpton, though with less competition in the lodging industry there may be little incentive to do so in the long term.



Read more: http://thepointsguy.com/2015/11/marriott-to-acquire-starwood-hotels/#ixzz3rfASCuxl


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I love that some of these properties will now be eligible for MR. I do wonder if eventually the timeshares could be paid with MR points or the nights in them eligible for MR points. I understand this is the hotels, not the timeshares, but we currently can book the timeshares with points and earn points in them and they are separate from Marriott hotels. Will that carry over into the Starwood timeshares?
 

JIMinNC

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http://www.bloomberg.com/news/artic...ng-vistana-timeshare-unit-to-interval-leisure

According to the above article Starwood retained 55% of the new timeshare company. So will that mean that Marriott will also own parts of Sheraton and Westin timeshare unit? That will be interesting.

Under the terms of the spinoff, Starwood will not retain 55% of Vistana. The Bloomberg article says that Starwood shareholders will own 55% of Vistana (and Interval presumably the other 45%). So if you are a current Starwood shareholder, the spinoff (which will close prior to the sale to Marriott) will simply result in you owning shares of both Starwood and Vistana - two totally separate companies - and the Starwood shareholders as a whole will then own 55% of the Vistana entity. The current Starwood management (and eventually Marriott) will have no control over the Vistana/Interval owned company other than whatever marketing control they get through the continued licensing/franchise of the Starwood brands - Westin, Sheraton, etc. Day-to-day management control will rest with the Interval/Vistana Board and their management team.
 
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Ken555

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I wonder how the 2 reward systems will be combined... hopefully something like a 2:1 conversion.


I haven't been impressed with many Marriott hotels, though I'm prepared to hope for the future. Even with a 2:1 exchange I'm not sure that's enough for value. I'm spending all my SPG points today (I have 297,000 left at the moment, as I slowed acquiring them this year) with reservations late next year or further which I can cancel if the terms of the acquisition look better than expected for us.

<music> This is a dark day for SPG members. </music>


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Mr. Vker

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On to Tahiti and Bora Bora! FINALLY!
 
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