Marriott to purchase Starwood Hotels & Resorts

Marriott International will become the largest hotel chain in the world after forging a $12.2 billion deal to buy Starwood Hotels & Resorts Worldwide, according to a breaking news report from Reuters. After the deal’s completion, the combined hotel company will be comprised of more than 5,500 hotels worldwide and offer 1.1 million rooms. The deal will greatly increase Marriott’s presence outside of the United States, as Starwood receives nearly two-thirds of its revenue from outside of the country. The deal is expected to close in mid-2016, according to statements from both companies. Read the Reuters story here