Mariott International is to purchase its rival, Starwood Hotels & Resorts, telegraph.co.uk reported. The value of the transaction is to reach $12.2 billion.
As a consequence of the deal, the world’s biggest hotel company, operating and franchising more than 5,500 hotels, will be established. The combined business will either operate or franchise more than 5,500 hotels and will have about 1.1 mln rooms across the world, generating revenues of over $2.7bn, the web portal pointed out.
The transaction is to be completed in mid-2016.
Starwood hotels have been on sale since April, Hyatt was being consdered as a possible buyer.