NEW YORK – Marriott International Inc.’s agreement to buy Starwood Hotels & Resorts Worldwide Inc. in a $12.2 billion deal, creating the world’s largest lodging company, signals more consolidation to come as hotel operators find being bigger is better to compete with each other and such upstarts as Airbnb Inc.
Marriott offered to pay $2 in cash and 0.92 a share of its own stock for each share of Stamford, Connecticut-based Starwood, the companies said in a statement on Monday. The combined company will operate or franchise more than 5,500 hotels with 1.1 million rooms worldwide. The properties are operated under 30 brands, including Marriott’s Ritz-Carlton, Courtyard and SpringHill Suites, and Starwood’s W, Westin and St. Regis.
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