Get Stock Quote Here Starwood Hotels and Resorts Worldwide, Inc. (HOT) is an American hotel and leisure company headquartered in Stamford, Connecticut. One of the world's largest hotel companies, it owns, operates, franchises and manages hotels, resorts, spas, residences, and vacation ownership properties under its 11 owned brands. As of 1 December 2014, Starwood Hotels and Resorts owned, managed, or franchised over 1,200 properties employing over 180,400 people, of whom approximately 26% were employed in the United States. On November 16, 2015, Marriott International announced it would purchase Starwood Hotels and Resorts Worldwide for $12.2 billion, creating the world's largest hotel chain. However, on March 14, 2016 Starwood announced it was terminating the merger agreement with Marriott, instead favoring a $12.8 billion offer from a consortium led by Anbang Insurance Group and including private equity firm J.C. Flowers & Co. and Primavera Capital. After Marriott raised their bid to $13.6 billion on March 21, Starwood terminated the Anbang agreement and proceeded once again with the merger with Marriott.
Marriott, Starwood Hotels stockholders approve deal Starwood Hotels & Resorts Worldwide Inc (HOT) and Marriott International Inc (MAR) said on Friday the stockholders of the companies voted to approve Marriott's acquisition of Starwood to create the world's largest hotel company. Holders of more than 97 percent of Marriott shares and over 95 percent of Starwood shares voted in favor of the cash-and-stock deal, which was valued at $12.41 billion as of Thursday. China's Anbang Insurance Group Co last week abandoned its $14 billion offer for Starwood Hotels, clearing the way for Marriott to buy the owner of Sheraton and Westin hotel brands. Marriott raised the cash portion of its offer to $21 per share on March 21 from $2 per share, valuing the total bid at $73.42 per share as of Thursday. Marriott said the deal was on track to close mid-2016. "Our teams continue to plan the integration of our two companies," Marriott Chief Executive Arne Sorenson said. The deal has cleared the pre-merger antitrust review in the United States and Canada and awaits approvals in the European Union and China. LINK - http://www.reuters.com/article/us-starwood-hotels-m-a-marriott-intnl-idUSKCN0X51WL
Reported after close today (7/26/16) Earnings: EPS $0.71 Revenue $1.33B Estimates: EPS $0.74 Revenue $1.34B Up 0.54% after hours
