Marriott International will buy Starwood Hotels & Resorts Worldwide for $12.2 billion to create the world’s largest hotel chain with top brands including Sheraton, Ritz Carlton and the Autograph Collection.
The combined company will have over 5,500 hotels with 1.1 million rooms worldwide, giving Marriott greater presence in markets such as Europe, Latin America and Asia and allowing it to better compete with apartment-sharing startups such as Airbnb.
Airbnb, seen as a disruptor for the travel industry, is expected to eat into hotels’ business as it signs up more and more homeowners, analysts warn.
About three-quarters of Marriott’s rooms are in the United States. Markets outside North America had about half of Starwood’s rooms, but accounted for nearly two-thirds of its revenue in 2014.
“Our success has been driven by our ability to anticipate market shifts and meet those changes head on,” Marriott Chief Executive Arne Sorenson, who will lead the combined company, said on a conference call on Monday.
Full content: The New York Times
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Google and South Carolina Clash Over State Records Demand
May 8, 2024 by
CPI
Telefonica Germany Teams Up with Amazon Web Services to Migrate 5G Customers
May 8, 2024 by
CPI
Federal Judge Grants $7.4 Million Settlement in Pork Price-Fixing Case
May 8, 2024 by
CPI
Wilson Sonsini Bolsters Antitrust and Competition Practice with Key Partner Returns
May 8, 2024 by
CPI
EU to Scrutinize Telecom Italia’s Network Sale to KKR
May 8, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI