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+--- Thread: MARRIOTS STARWOOD DEAL (/thread-1108.html)
MARRIOTS STARWOOD DEAL - TEAM HARLFORUM - 09-25-2016
Today’s completion of Marriott International’s acquisition of Starwood Hotels & Resorts creates a behemoth hotel company with 30 brands, 5,700 hotels in 110 countries and 1.1 million rooms, but the big question for loyalty members was what would happen to their points.
No changes, President and CEO Arne Sorenson was quick to say this morning. Starwood Preferred Guest members who link their accounts to Marriott Rewards via a microsite will get three Marriott points for each SPG point they have accumulated and match their status in the new program as well.
In addition to the rewards program, which now boasts 85 million members, Marriott added three directors to its 11-member board: Bruce Duncan, chairman, president and CEO of First Industrial Realty Trust, and Eric Hippeau, partner at Lerer Hippeau Ventures, who both joined from Starwood’s board; and Aylwin Lewis, chairman and CEO of Potbelly. The combined company will remain based in Bethesda, Maryland, for the time being, Sorenson said, although locations were being considered in the Washington, D.C., area for a new headquarters.
Starwood shares ceased trading on the New York Stock Exchange this morning. Starwood shareholders will receive $21 in cash and 0.80 shares of Marriott Class A common stock for each share of Starwood common stock.