It's a deal: Marriott is buying Starwood Hotels for $12.4 billion

Marriott to Buy Starwood Hotels for $12.2 Billion

It's official.

Marriott International and Starwood Hotels shareholders on Friday voted in favor of a deal that will create the world's largest hotel company.

Marriott is buying Starwood for $12.4 billion. Starwood shareholders will receive 0.8 shares of Marriott common stock plus $21.00 in cash.

Starwood, which owns brands including Westin, St. Regis, Sheraton, and Four Points in November agreed to be bought by Marriott last November.

But last month the Chinese insurance giant Anbang made multiple attempts to bust up the deal.

Both Marriott and Anbang made several counterbids, before Anbang unexpectedly walked away last week.

"With today's successful stockholder approval milestone, we are that much closer to completing our transaction," said Marriott CEO Arne Sorenson in a statement.

The two companies have already cleared many of the necessary antitrust regulatory hurdles, and expect the deal to close mid-year.

Here's the press release:

Bethesda, MD and Stamford, CT, April 8, 2016 – Marriott International, Inc. (NASDAQ: MAR) and Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced that at separate special stockholder meetings today the stockholders of both companies approved proposals relating to Marriott's acquisition of Starwood, which will create the world's largest hotel company. Holders of over 97 percent of Marriott shares present and voting at the meeting, representing over 79 percent of outstanding shares, voted in favor of a proposal to issue shares of Marriott common stock in connection with the transaction, and holders of over 95 percent of Starwood shares present and voting at the meeting, representing over 63 percent of outstanding shares, voted in favor of a proposal to approve the transaction.

Arne Sorenson, Marriott's president and chief executive officer, said, "With today's successful stockholder approval milestone, we are that much closer to completing our transaction. Our teams continue to plan the integration of our two companies, and we are committed to a timely and smooth transition. We appreciate the stockholders' vote of confidence in our ability to drive long-term value and opportunity as a combined company."

Thomas B. Mangas, Starwood's chief executive officer, stated, "Today's vote is a significant step toward closing, and we are grateful for the continued enthusiasm and support for this merger. There is no doubt that this transaction puts our company on the best path forward and we remain excited about the opportunity this combination will create for our stockholders, associates, owners and guests."

At closing Starwood stockholders will receive 0.8 shares of Marriott common stock plus $21.00 in cash for each share of Starwood common stock.

As previously announced, the parties have cleared the pre-merger antitrust review in the United States and Canada and multiple other jurisdictions. The transaction remains on track to close mid-2016 pending completion of Starwood's planned divestiture of its timeshare business expected on or around April 30, 2016, obtaining remaining regulatory approvals, including in the European Union and China, and the satisfaction of other customary closing conditions.

RELATED: View 10 hotels around with the world with the prettiest views

10 hotels with the prettiest views
See Gallery
It's a deal: Marriott is buying Starwood Hotels for $12.4 billion
Matakauri Lodge, Queenstown, New Zealand

The interiors of the four-bedroom Owner’s Cottage on South Island feature rustic wide-plank wooden floors, locally sourced furniture, and New Zealand wool carpets. Rooms have expansive views of Lake Wakatipu and the Remarkables mountain range beyond. From $865/night;

Photo: Matakauri Lodge
Shangri-La Hotel, Paris

Situated just across the Seine from the City of Light’s beloved Eiffel Tower, the Shangri-La takes its decorative cues from France’s Empire period, courtesy of interior designer Pierre-Yves Rochon. Shown is the view from the Eiffel Duplex Terrace Suite. From $853/night;

Photo: Shangri-La Hotel
Qasr al Sarab Desert Resort by Anantara, Abu Dhabi

Located at the cusp of the Empty Quarter—the largest uninterrupted stretch of desert on the planet—rooms at this stylish resort contain locally sourced Arabian fabrics and artifacts. From $350/night;

Photo: Qasr al Sarab Desert Resort by Anantara
The Peninsula, Hong Kong

Though magnificent views of the skyline can be had from throughout this hotel on the tip of the Kowloon Peninsula, perhaps the most striking is the one from the indoor pool. This Greco-Roman example has columns and statues hewn of Italian marble, elaborate friezes, cornices befitting a palazzo, and a waterfall. From $754/night;

Photo: The Peninsula
Oberoi Amarvilas, Agra, India

Located just 650 yards from the revered Taj Mahal, this hotel’s decor is a tribute to Mughal and Moorish architecture and features lavish filigree and marble inlays, wood carvings, and handwoven tapestries. From $700/night;

Photo: Oberoi Hotels and Resorts
Belmond Hotel Caruso, Ravello, Italy

Housed in an 11th-century palace perched on the cliffs of the Amalfi Coast, the hotel features intricate frescoes and carefully restored period details. An infinity pool overlooking the Mediterranean makes for a truly unforgettable experience. From $537/night;

Photo: Belmond
Fairmont Chateau Lake Louise, Alberta, Canada

Originally the site of a modest two-bedroom log cabin built in 1890 to attract visitors passing by train to the Banff Springs Hotel, the chateau’s current iteration dates to 1911. Inside, alpine-style interiors are paired with oversize windows that reveal one of the most picturesque views of Lake Louise and the Canadian Rockies. From $232/night;

Photo: Fairmont Hotels & Resorts
Amangiri, Canyon Point, Utah

Architects Marwan Al-Sayed, Wendell Burnette, and Rick Joy conceived this desert marvel, which seems to emerge from its rocky environs rather than overpower them. Furniture and color palettes are kept minimal, and strategically placed skylights and windows throughout the resort make the surrounding slot canyons a critical part of the design. From $1,200/night;

Photo: Aman Resorts
Jade Mountain, St. Lucia

Architect and hotelier Nick Troubetzkoy eliminated the fourth wall from every room at this Caribbean paradise so guests can enjoy the picture-perfect views of the Petit and Gros Piton mountains, which are reflected in infinity pools that grace almost every room. Ecology was a priority for Troubetzkoy, who tapped recycled-glass-tile maker David Knox to clad the resort’s pools and other key design features in handcrafted iridescent tiles of all hues. From $1,185/night;

Photo: Jade Mountain
Tierra Patagonia, Torres del Paine, Chile

The dramatic design of Tierra Patagonia was a collaboration between Chilean architects Cazú Zegers, Roberto Benavente, and Rodrigo Ferrer. The team tapped into nearby sustainable forests to construct the mostly wood structure, envisioning the building as a fossil emerging from Lake Sarmiento. They drew on the talents of local craftsmen for the unique furniture and artifacts that define the interiors. Large glass expanses showcase the stunning views of the lake and the peaks of Torres del Paine National Park. From $833 per person/night (all-inclusive);

Photo: James Florio

NOW WATCH: This hidden subplot of 'Game of Thrones' spells out the real trouble for the Lannisters

More from Business Insider:
Both Marriott and Sherwin-Williams used a word that should terrify their employees
The giant Chinese insurer that wanted to buy Starwood Hotels is suddenly walking away
China keeps buying up American companies, and lawmakers are starting to sound the alarm

SEE ALSO: The giant Chinese insurer that wanted to buy Starwood Hotels is suddenly walking away

Read Full Story