A mega-merger is in the works in the hospitality industry.
Marriott International, which operates the Marriott brand of hotels and resorts worldwide, announced early Monday that it will buy Starwood Hotels and Resorts Worldwide for $12.2 billion.
The move, already approved by boards of directors of both companies, will create the world's largest hotel company, incorporating Starwood's international list of properties with luxury service and accommodations offered by Marriott.
Starwood Hotels operates more than two dozen properties in north Texas, including the W Dallas-Victory, Sheraton Arlington, Dallas, and downtown Fort Worth hotels, Aloft properties in Dallas, Frisco, and Las Colinas, as well as Westin properties across the Metroplex. Executives did not detail how the brands' names will change if the merger is completed. Starwood has several properties under construction in north Texas.
Marriott's north Texas footprint includes dozens of hotels operating under an expansive list of brands.
○ The Ritz-Carlton
○ Renaissance Hotels
○ Marriott Signature
○ Courtyard Marriott
○ Springhill Suites
○ Fairfield Inn & Suites
○ Residence Inn
○ Gaylord Texan
The combined company will have 1.1 million guestrooms in more than 5,500 hotels in more than 100 countries worldwide.
The merger means each company's guest rewards programs also will combine. Marriott Rewards has 54 million members currently while Starwood Preferred Guest has 21 million members.
Shareholders must approve the deal which also must pass regulatory approvals. Both companies expect to close the deal next year.
Marriott International and Starwood Hotels and Resorts Worldwide plan to hold a conference call on Monday morning to announce the purchase.
