for USD12.2 billion, creating the world’s largest hotel chain. Combined, the companies operate or franchise more than 5,500 properties with 1.1 million rooms globally. The entity’s pro forma fee revenue for the 12 months ended September 30 totals over USD2.7 billion.
Arne Sorenson will retain his position as president and CEO of Marriott International following the merger and the company’s headquarters will remain in Bethesda, US.
Assuming receipt of the necessary approvals, the parties expect the transaction to close in mid-2016