Marriott, an international hotel chain, concluded a deal on Friday purchasing its competitor, Starwood Hotels & Resorts Worldwide, as is stated in the company’s press release.
The merger has led to the creation of the world’s largest hotel operator, which will run over 5,700 hotels with 1,1 million rooms in more than 110 countries. The new entity owns 30 brands.
Among the most well-known hotel chains there are Carlton, Bulgari, Courtyard, Residence Inn, Marriott Hotels, St. Regis, Le Meridien, Sheraton, Interfax reports.
The deal is estimated at approximately $13 billion. Marriott International expects that the purchase of a competitor will lead to saving of about $250 million annually. Full completion of the integration process might take a year or more.