Nov 16, 2015, 4:19 am
Last edit by: Schutzee
November 16, 2015
Marriott Shareholder News Release :
http://investor.shareholder.com/mar/...leaseID=942791
Starwood Investor News Release :
https://s1.q4cdn.com/483583335/files...wood-FINAL.pdf
Marriott CEO Linkedin Post:
https://www.linkedin.com/pulse/marri...-arne-sorenson
November 16, 2015
November 16, 2015
March 01, 2016
March 14, 2016
Announcement that a consortium including the Chinese company Anbang has made an unsolicited rival bid.
http://www.cnbc.com/2016/03/14/starw...6-a-share.html
March 18, 2016
Starwood determines that the Anbang bid is 'superior' and notifies Marriott of the intention to terminate the merger agreement.
Marriott have until March 28 to make a counter-bid that is as good as or better than Anbang.
Starwood is postponing its stockholder vote, which was scheduled for Monday, March 28th, to a new date to be determined after consultation with Marriott. Starwoods Board has not changed its recommendation in support of Starwoods merger with Marriott.
http://www.cnbc.com/2016/03/18/starw...e-in-cash.html
March 21, 2016
Starwood and Marriott sign a revised merger agreement after Marriott submit an increased bid which values Starwood stock at $85.36. This is now the 'superior' proposal.
Under the revised merger agreement Starwood is not allowed to engage in discussions with Anbang. However, Anbang may make another unsolicited offer, up until the time of the Starwood shareholder vote, which is April 8, 2016.
March 28, 2016
Starwood Hotels & Resorts Worldwide Inc. said it received a higher takeover offer from a group led by Anbang Insurance Group Co., putting the Chinese company back into battle with Marriott International Inc. for control of the hotel operator.
Starwood said its in negotiations with the Anbang group after receiving a nonbinding offer of $82.75 a share in cash, or about $14 billion, according to a statement Monday. That compares with Marriotts stock-and-cash offer valued at $75.91 a share, or about $12.8 billion, based on March 24ths closing price. Marriott, in its own statement Monday, reaffirmed its commitment to buy Starwood, saying its proposal offers stockholders greater long-term value.
Shares of Starwood rose 2.4 percent to $84.06 at 10:29 a.m. New York time. Marriott climbed 4 percent to $71.35.
The new offer from Anbang, which is working with J.C. Flowers & Co. and Primavera Capital, shows the insurer wont easily back down as it seeks to build its hotel holdings. The Beijing-based company last year purchased Manhattans landmark Waldorf Astoria for $1.95 billion, and is in a deal to acquire luxury-property owner Strategic Hotels & Resorts Inc. for about $6.5 billion. Gaining Starwood would add brands such as Sheraton, W and St. Regis, as well as about $4 billion worth of real estate.
Starwood said it received a non-binding bid of $81 a share on March 26 from the Anbang group, which increased its offer after subsequent discussions. Starwood is negotiating terms of a binding proposal and said it will carefully consider the outcome of its discussions with the consortium in order to determine the best course of action for shareholders.
http://www.bloomberg.com/news/articl...er-from-anbang
March 31, 2016
Chinas Anbang Drops Bid for Starwood Hotels
Operator of Sheraton, other hotels seen returning to Marriotts previous takeover offer
http://www.wsj.com/articles/chinas-a...way-1459455942
BETHESDA, Md. and STAMFORD, Conn., Nov. 16, 2015 /PRNewswire/ -- Marriott International, Inc. (NASDAQ: MAR) and Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that the boards of directors of both companies have unanimously approved a definitive merger agreement under which the companies will create the world's largest hotel company. The transaction combines Starwood's leading lifestyle brands and international footprint with Marriott's strong presence in the luxury and select-service tiers, as well as the convention and resort segment, creating a more comprehensive portfolio. The merged company will offer broader choice for guests, greater opportunities for associates and should unlock additional value for Marriott and Starwood shareholders. Combined, the companies operate or franchise more than 5,500 hotels with 1.1 million rooms worldwide. The combined company's pro forma fee revenue for the 12 months ended September 30, 2015 totals over $2.7 billion.
http://investor.shareholder.com/mar/...leaseID=942791
Starwood Investor News Release :
https://s1.q4cdn.com/483583335/files...wood-FINAL.pdf
Marriott CEO Linkedin Post:
https://www.linkedin.com/pulse/marri...-arne-sorenson
November 16, 2015
Originally Posted by Official Starwood Announcement on the SPG website
Were excited to share the news that Starwood Hotels & Resorts will join together with Marriott International to create the worlds largest hotel company. For our Starwood Preferred Guest (SPG) members, this will mean even more choices in even more places, giving you access to 1.1 million rooms across 5,500 hotels and resorts in more than 100 countries.
We will work to bring you the very best of SPG and Marriott Rewards, two of the most rewarding loyalty programs in our industry. Our members are at the core of everything we do, and that will not change.
This is the beginning of a long journey as we combine our two companies. For now, we remain separate, and there is no change to your SPG program status, your Starpoints or your existing reservations. You will continue to earn Starpoints and elite stay/night credit for your stays, as well as bonus Starpoints for any promotions in which you are participating. There is no change to how you manage your SPG account or book reservations.
Over the coming months, as we have more to share, well be sure to reach out to you by email, at spg.com and via twitter (@spg). In the meantime, we remain at your service wherever you need us whether in our hotels, at spg.com, on the SPG mobile app or via our Customer Contact Centers.
Thank you for sharing your travels with us.
Chris Holdren
Senior Vice President, Starwood Preferred Guest
We will work to bring you the very best of SPG and Marriott Rewards, two of the most rewarding loyalty programs in our industry. Our members are at the core of everything we do, and that will not change.
This is the beginning of a long journey as we combine our two companies. For now, we remain separate, and there is no change to your SPG program status, your Starpoints or your existing reservations. You will continue to earn Starpoints and elite stay/night credit for your stays, as well as bonus Starpoints for any promotions in which you are participating. There is no change to how you manage your SPG account or book reservations.
Over the coming months, as we have more to share, well be sure to reach out to you by email, at spg.com and via twitter (@spg). In the meantime, we remain at your service wherever you need us whether in our hotels, at spg.com, on the SPG mobile app or via our Customer Contact Centers.
Thank you for sharing your travels with us.
Chris Holdren
Senior Vice President, Starwood Preferred Guest
Originally Posted by Official Starwood Announcement to FT members
Dear members,
Starwood Hotels & Resorts and Marriott International to Merge, Creating the Worlds Largest Hotel Company, Best Loyalty Program
Today were excited to share the news that Starwood Hotels & Resorts will join together with Marriott International to create the worlds largest hotel company. For our SPG members, this will mean even more choices in even more places, giving you access to 1.1 million rooms across 5,500 hotels in more than 100 countries.
As we look to bring together the very best of Starwood Preferred Guest and Marriott Rewards, we are confident that together we will create the most rewarding loyalty program in our industry. Our members are at the core of everything we do, and that will not change.
Today is the first day of a long journey as we combine our two companies. For now, we remain separate, and there is no change to your Starwood Preferred Guest (SPG) program status, your Starpoints or your existing reservations. You will continue to earn Starpoints and elite stay/night credit for your stays, and bonus Starpoints for any promotions in which are you are participating. There is no change to how you manage your SPG account or book reservations.
Over the coming months, as we have more to share, youll continue to be among the first to hear by e-mail, at spg.com and via twitter (@spg). In the meantime, we remain at your service wherever you need uswhether in our hotels, at spg.com, the SPG mobile app, or via our Customer Contact Centers.
[email protected]
Thyetus Lee | Social Media Specialist
Starwood Customer Contact Centre (AP) Pte Ltd
Starwood Hotels & Resorts and Marriott International to Merge, Creating the Worlds Largest Hotel Company, Best Loyalty Program
Today were excited to share the news that Starwood Hotels & Resorts will join together with Marriott International to create the worlds largest hotel company. For our SPG members, this will mean even more choices in even more places, giving you access to 1.1 million rooms across 5,500 hotels in more than 100 countries.
As we look to bring together the very best of Starwood Preferred Guest and Marriott Rewards, we are confident that together we will create the most rewarding loyalty program in our industry. Our members are at the core of everything we do, and that will not change.
Today is the first day of a long journey as we combine our two companies. For now, we remain separate, and there is no change to your Starwood Preferred Guest (SPG) program status, your Starpoints or your existing reservations. You will continue to earn Starpoints and elite stay/night credit for your stays, and bonus Starpoints for any promotions in which are you are participating. There is no change to how you manage your SPG account or book reservations.
Over the coming months, as we have more to share, youll continue to be among the first to hear by e-mail, at spg.com and via twitter (@spg). In the meantime, we remain at your service wherever you need uswhether in our hotels, at spg.com, the SPG mobile app, or via our Customer Contact Centers.
[email protected]
Thyetus Lee | Social Media Specialist
Starwood Customer Contact Centre (AP) Pte Ltd
The U.S. Department of Justice and the U.S. Federal Trade Commission will not challenge the proposed merger between Marriott International and Starwood Hotels & Resorts. The waiting period for Marriott's filing with the FTC under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, the merger's first regulatory hurdle, expired on Monday, meaning the deal is cleared to proceed. The Competition Bureau of Canada also will not challenge the transaction. According to Marriott, the companies are cooperating with competition authorities in other parts of the world to obtain approval of the deal. Marriott and Starwood will hold separate stockholder meetings on March 28 to vote on the merger.
http://investor.shareholder.com/MAR/...leaseID=958056
http://investor.shareholder.com/MAR/...leaseID=958056
Announcement that a consortium including the Chinese company Anbang has made an unsolicited rival bid.
http://www.cnbc.com/2016/03/14/starw...6-a-share.html
March 18, 2016
Starwood determines that the Anbang bid is 'superior' and notifies Marriott of the intention to terminate the merger agreement.
Marriott have until March 28 to make a counter-bid that is as good as or better than Anbang.
Starwood is postponing its stockholder vote, which was scheduled for Monday, March 28th, to a new date to be determined after consultation with Marriott. Starwoods Board has not changed its recommendation in support of Starwoods merger with Marriott.
http://www.cnbc.com/2016/03/18/starw...e-in-cash.html
March 21, 2016
Starwood and Marriott sign a revised merger agreement after Marriott submit an increased bid which values Starwood stock at $85.36. This is now the 'superior' proposal.
Under the revised merger agreement Starwood is not allowed to engage in discussions with Anbang. However, Anbang may make another unsolicited offer, up until the time of the Starwood shareholder vote, which is April 8, 2016.
March 28, 2016
Starwood Hotels & Resorts Worldwide Inc. said it received a higher takeover offer from a group led by Anbang Insurance Group Co., putting the Chinese company back into battle with Marriott International Inc. for control of the hotel operator.
Starwood said its in negotiations with the Anbang group after receiving a nonbinding offer of $82.75 a share in cash, or about $14 billion, according to a statement Monday. That compares with Marriotts stock-and-cash offer valued at $75.91 a share, or about $12.8 billion, based on March 24ths closing price. Marriott, in its own statement Monday, reaffirmed its commitment to buy Starwood, saying its proposal offers stockholders greater long-term value.
Shares of Starwood rose 2.4 percent to $84.06 at 10:29 a.m. New York time. Marriott climbed 4 percent to $71.35.
The new offer from Anbang, which is working with J.C. Flowers & Co. and Primavera Capital, shows the insurer wont easily back down as it seeks to build its hotel holdings. The Beijing-based company last year purchased Manhattans landmark Waldorf Astoria for $1.95 billion, and is in a deal to acquire luxury-property owner Strategic Hotels & Resorts Inc. for about $6.5 billion. Gaining Starwood would add brands such as Sheraton, W and St. Regis, as well as about $4 billion worth of real estate.
Starwood said it received a non-binding bid of $81 a share on March 26 from the Anbang group, which increased its offer after subsequent discussions. Starwood is negotiating terms of a binding proposal and said it will carefully consider the outcome of its discussions with the consortium in order to determine the best course of action for shareholders.
http://www.bloomberg.com/news/articl...er-from-anbang
March 31, 2016
Chinas Anbang Drops Bid for Starwood Hotels
Operator of Sheraton, other hotels seen returning to Marriotts previous takeover offer
http://www.wsj.com/articles/chinas-a...way-1459455942
Starwood: "Marriott and Starwood stockholders approve merger"
Jan 2, 2016, 12:51 pm
#1636
Join Date: Sep 2006
Location: San Diego
Programs: UA LTP, AA LTG, DL Plat, Marriott LTT, HH Diamond
Posts: 869
Points are not a currency. They are a marketing gimmick. Marriott and Starwood are hotel chains. They are not credit card issuers, nor airline mile laundries. They may well do a complex internal calculation to value points, but the public explanation will be brute simple.
When I chose to stay at a Starwood property rather than a Marriott property I received 2 points per dollar rather than 10 points per dollar spent. Therefore, Marriott should give me the number of Marriott points I would have earned if I had spent those dollars at one of their properties.
When I chose to stay at a Starwood property rather than a Marriott property I received 2 points per dollar rather than 10 points per dollar spent. Therefore, Marriott should give me the number of Marriott points I would have earned if I had spent those dollars at one of their properties.
As far as "Marriott should give me the number of Marriott points I would have earned if I had spent those dollars at one of their properties," that's just silly, given that you say from the start they're a marketing gimmick. I do expect rough value neutrality, but I think their calculations won't be based on your spend but some sort of overall calculation of what they think they're giving and getting at the program level.
FTF
Jan 5, 2016, 4:16 pm
#1637
Join Date: Jun 2012
Location: SEA
Programs: AS MVP Gold 75K, Marriott Lifetime Platinum
Posts: 202
Does anyone know where the Lifetime Gold information on SPG's site went? I believe they used to tell you how many years elite you were and where you were with relation to Lifetime statuses. Now I can't find either. I do see my member since and total night but that is it.
Jan 5, 2016, 4:21 pm
#1638
Join Date: Jan 2008
Location: JFK, DCA, BUR, YVR
Programs: AC, AS, BA, DL, HH (D), MR (T/LTP), UA (*S), UScAAre (PLT/1,9MM), WN
Posts: 5,214
Does anyone know where the Lifetime Gold information on SPG's site went? I believe they used to tell you how many years elite you were and where you were with relation to Lifetime statuses. Now I can't find either. I do see my member since and total night but that is it.
Jan 5, 2016, 4:23 pm
#1639
Company Representative - Starwood
Join Date: Nov 2000
Location: Austin, Texas
Programs: Marriott Employee Level
Posts: 31,593
Does anyone know where the Lifetime Gold information on SPG's site went? I believe they used to tell you how many years elite you were and where you were with relation to Lifetime statuses. Now I can't find either. I do see my member since and total night but that is it.
Best regards,
William R. Sanders
Social Media Specialist
Starwood Hotels & Resorts Worldwide
[email protected]
Jan 5, 2016, 4:58 pm
#1640
Join Date: Jun 2012
Location: SEA
Programs: AS MVP Gold 75K, Marriott Lifetime Platinum
Posts: 202
I believe that information may now be found in your SPG Dashboard?
Best regards,
William R. Sanders
Social Media Specialist
Starwood Hotels & Resorts Worldwide
[email protected]
Best regards,
William R. Sanders
Social Media Specialist
Starwood Hotels & Resorts Worldwide
[email protected]
Jan 6, 2016, 6:32 am
#1641
Join Date: Apr 2004
Programs: AA Plat/2MM, DL Silver, UA Silver (via Marr), Marr LTT, HH Gold (via cc), Hyatt Disc
Posts: 1,039
Question came up on the Marriott board version of this thread about whether SPG can report SPG Lifetime points info (as only LT nights are reported) to add to MR LT points when merged. Anyone here know for sure?
Apologies if this has been discussed earlier in this lengthy thread.
Apologies if this has been discussed earlier in this lengthy thread.
Jan 6, 2016, 6:40 am
#1642
Join Date: Sep 2010
Location: Chicago
Programs: Hyatt Glob; UA 1K; BonVoyage LTT (RIP SPG); HH Dia; JX Insighter
Posts: 1,649
Question came up on the Marriott board version of this thread about whether SPG can report SPG Lifetime points info (as only LT nights are reported) to add to MR LT points when merged. Anyone here know for sure?
Apologies if this has been discussed earlier in this lengthy thread.
Apologies if this has been discussed earlier in this lengthy thread.
). Not sure how far they're capable of going back, but all my detail since I joined in 2009 was available so it's at least that long.
Jan 6, 2016, 6:46 am
#1643
FlyerTalk Evangelist
Join Date: Apr 2008
Location: LGA/JFK/EWR
Programs: UA 1K1.75MM, Hyatt Globalist, abandoned Marriott LTT (RIP SPG), Hertz PC
Posts: 21,177
There's no reason why they COULDN'T go back and calculate it...once they know the point conversion rate they'll assign (say 3:1), they could go back and multiple all the points posted since the start of SPG, add them to existing Marriott points, and voila, new point total.
Kind of like UA/CO, they went back and added ~15 years of non-flown mile EQM earned on UA to equalize with CO's calculation.
Yes. I asked my Ambassador for it, but it came from the email [email protected] (which is monitored--I got a reply to a followup question). Comes as a handy spreadsheet of all your activity and is kind of fun to look through (at least if you're a spreadsheet nerd ). Not sure how far they're capable of going back, but all my detail since I joined in 2009 was available so it's at least that long.
). Not sure how far they're capable of going back, but all my detail since I joined in 2009 was available so it's at least that long.
Jan 8, 2016, 11:46 am
#1644
FlyerTalk Evangelist
Join Date: Apr 2008
Location: LGA/JFK/EWR
Programs: UA 1K1.75MM, Hyatt Globalist, abandoned Marriott LTT (RIP SPG), Hertz PC
Posts: 21,177
Yes. I asked my Ambassador for it, but it came from the email [email protected] (which is monitored--I got a reply to a followup question). Comes as a handy spreadsheet of all your activity and is kind of fun to look through (at least if you're a spreadsheet nerd ). Not sure how far they're capable of going back, but all my detail since I joined in 2009 was available so it's at least that long.
). Not sure how far they're capable of going back, but all my detail since I joined in 2009 was available so it's at least that long.Interesting, my points earned/stay is about 2,500 for Marriott vs. 2,000 for Starwood (though my Marriott stays haven't been nearly as optimized as Starwood, haven't always had the Marriott card, done their MegaBonus, etc.). At a standard value of ~$.007 per MR point and ~$.022 per SPG point, I've been getting a "redemption value" of $18 per Marriott stay vs. $44 per Starwood stay.
(Think I have that math right...)
Jan 10, 2016, 6:51 am
#1645
Join Date: Jan 2008
Location: SF Bay Area
Programs: UA 1K MM, Marriott Life Plat, various others of little note
Posts: 2,763
Quote:
Originally Posted by mia
Points are not a currency. They are a marketing gimmick. Marriott and Starwood are hotel chains. They are not credit card issuers, nor airline mile laundries. They may well do a complex internal calculation to value points, but the public explanation will be brute simple.
When I chose to stay at a Starwood property rather than a Marriott property I received 2 points per dollar rather than 10 points per dollar spent. Therefore, Marriott should give me the number of Marriott points I would have earned if I had spent those dollars at one of their properties.
They are a currency awarded as a marketing gimmick. Like any other currency, they have spend power, conversion rates - and a powerful central banker, which in this case has the last say.
As far as "Marriott should give me the number of Marriott points I would have earned if I had spent those dollars at one of their properties," that's just silly, given that you say from the start they're a marketing gimmick. I do expect rough value neutrality, but I think their calculations won't be based on your spend but some sort of overall calculation of what they think they're giving and getting at the program level.
FTF
Originally Posted by mia
Points are not a currency. They are a marketing gimmick. Marriott and Starwood are hotel chains. They are not credit card issuers, nor airline mile laundries. They may well do a complex internal calculation to value points, but the public explanation will be brute simple.
When I chose to stay at a Starwood property rather than a Marriott property I received 2 points per dollar rather than 10 points per dollar spent. Therefore, Marriott should give me the number of Marriott points I would have earned if I had spent those dollars at one of their properties.
They are a currency awarded as a marketing gimmick. Like any other currency, they have spend power, conversion rates - and a powerful central banker, which in this case has the last say.
As far as "Marriott should give me the number of Marriott points I would have earned if I had spent those dollars at one of their properties," that's just silly, given that you say from the start they're a marketing gimmick. I do expect rough value neutrality, but I think their calculations won't be based on your spend but some sort of overall calculation of what they think they're giving and getting at the program level.
FTF
But ultimately they will convert them at the minimum they think they can get away with. Less than 5:1 but high enough not to piss off too many of us. I'm guessing 3 to one.
Jan 10, 2016, 7:03 am
#1646
Join Date: Jan 2008
Location: SF Bay Area
Programs: UA 1K MM, Marriott Life Plat, various others of little note
Posts: 2,763
Quote:
Originally Posted by HHonors OUTSIDER
The reason that it is almost a fairly decent indicator of an exchange rate is because you can only purchase 20,000 SPG points annually and I believe 50,000 MR points annually. If the point purchase allowed was unlimited then the 2.8 to 1 would become the exchange rate by default. This brings us back to the correct exchange rate of between 4 and 5 to one. Since Marriott probably doesn't want to nickel and dime big SPG spenders causing them to move to other programs they will correctly decide on some goodwill with a 5 to 1 exchange rate. Season Greetings Everyone.
Marriott would probably like as few Starpoints to be converted to MR points as possible, since they are liabilities on the company's books. A lower conversion rate would incentivize Starwood customers to burn points prior to any exchange.
Originally Posted by HHonors OUTSIDER
The reason that it is almost a fairly decent indicator of an exchange rate is because you can only purchase 20,000 SPG points annually and I believe 50,000 MR points annually. If the point purchase allowed was unlimited then the 2.8 to 1 would become the exchange rate by default. This brings us back to the correct exchange rate of between 4 and 5 to one. Since Marriott probably doesn't want to nickel and dime big SPG spenders causing them to move to other programs they will correctly decide on some goodwill with a 5 to 1 exchange rate. Season Greetings Everyone.
Marriott would probably like as few Starpoints to be converted to MR points as possible, since they are liabilities on the company's books. A lower conversion rate would incentivize Starwood customers to burn points prior to any exchange.
Jan 10, 2016, 9:57 am
#1647
Join Date: Dec 2004
Location: The City of Angels
Programs: UA Gold, Hyatt Globalist, Marriott LTP, Hilton Gold
Posts: 406
+1. The way they could see it is to base it on credit card earning rate (not nearly as favorable) or what the points "cost" them (also not as favorable). And to be fair the earn rate for spg is pretty darned low.
But ultimately they will convert them at the minimum they think they can get away with. Less than 5:1 but high enough not to piss off too many of us. I'm guessing 3 to one.
But ultimately they will convert them at the minimum they think they can get away with. Less than 5:1 but high enough not to piss off too many of us. I'm guessing 3 to one.
Unfortunately, I'm pretty sure Starwood values their points at 2.5 cents per point while Marriott values theirs at 1.25 cents per point - a clean 2:1 ratio. FTers are going to have to hope Marriott is more generous on the burn rate after the merger, because they're not going to get it with the conversion.
Jan 10, 2016, 11:10 am
#1648
Join Date: Sep 2005
Location: JZRO
Posts: 9,169
Unfortunately, I'm pretty sure Starwood values their points at 2.5 cents per point while Marriott values theirs at 1.25 cents per point - a clean 2:1 ratio. FTers are going to have to hope Marriott is more generous on the burn rate after the merger, because they're not going to get it with the conversion.
Jan 10, 2016, 12:08 pm
#1649
FlyerTalk Evangelist
Join Date: Apr 2008
Location: LGA/JFK/EWR
Programs: UA 1K1.75MM, Hyatt Globalist, abandoned Marriott LTT (RIP SPG), Hertz PC
Posts: 21,177
Jan 10, 2016, 12:45 pm
#1650
Join Date: Apr 2013
Location: Lehigh Valley, Pennsylvania
Programs: Milege+, SkyMiles, AAdvantage, HHonors Diamond, Marriott Gold
Posts: 1,687