Marriott to buy Starwood - creating world’s biggest hotel company

At a time of record hotel occupancy and rates, the deal, which will see Marriott will pay $11.9bn in stock and the rest in cash, will combine Marriott's 19 brands, including Ritz-Carlton, Fairfield Inn and EDITION, with Starwood's 12 brands, including Westin, W, Sheraton and St. Regis - increasing Marriott’s number of rooms by 50%. J.W. Marriott Jr, said: "We have competed with Starwood for decades, and we have also admired them.” The acquisition is hoped to be completed by mid-2016, and will see Arne Sorenson instated as president and CEO of the combined company. She said: "The driving force behind this transaction is growth. This is an opportunity to create value by combining the distribution and strengths of Marriott and Starwood, enhancing our competitiveness in a quickly evolving marketplace. This greater scale should offer a wider choice of brands to consumers, improve economics to owners and franchisees, increase unit growth and enhance long-term value to shareholders. Today is the start of an incredible journey for our two companies." In April, Marriott  acquired Canadian chain Delta Hotels and Resorts, allowing it it become the largest hotelier in Canada.