Marriott International just dropped $12.2B in a blockbuster deal to buy Starwood Hotels & Resorts Worldwide, creating the world's largest hotel company.
The transaction marks the largest takeover of a hotel company since 2007, when Blackstone Group bought Hilton for $26B. Marriott now has more than 5,500 hotels and 1.1 million rooms worldwide, Bloomberg reports.
Marriott is said to have beat out suitors like Hyatt and three Chinese companies. It's paying $2 a share in cash and 0.92 of its own stock for the acquisition. President and CEO Arne Sorensen (pictured) says the greater scale will allow for a wider selection of brands for consumers.
The US hotel industry is in its sixth year of recovery. RevPAR increased 6.6% this year through September, according to STR Global. [Bloomberg]
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