Marriott International will pay $12.2bn in stock and cash to acquire rival Starwood, a move that will create the world’s largest hotelier.
Following the deal, the new company will have 5,500 properties and 1.1m rooms, uniting brands such as Westin and Le Méridien with Ritz-Carlton and Fairfield Inn.
The deal comes as the hotel sector enjoys record occupancy and rate levels. The occupancy rate reached 67.3% in the first nine months of the year, data from STR showed. That is the highest level since the company first collected such data in 1987. The average cost per night was $120.35, beating the previous record of $119.70 reached in 2008.
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