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"
Mar 21, 2016, 7:17 pm
#2566
Join Date: May 2003
Location: Philadelphia, LAX, Paris
Programs: UA 1K/2MM, SPG/Marriott Lifetime Titanium, Lifetime HHonors Diamond, Hyatt Globalist, AA Exec Plat
Posts: 3,391
Let's be clear about one thing: NO ONE is panicking!
Those of us who are Starwood loyalists DO NOT want to have anything to do with Marriott and its second rate loyalty program. As such, we DO NOT want to know about any revised program details.
We simply want Marriott to take the breakup fee and go away, please!
Those of us who are Starwood loyalists DO NOT want to have anything to do with Marriott and its second rate loyalty program. As such, we DO NOT want to know about any revised program details.
We simply want Marriott to take the breakup fee and go away, please!
Mar 21, 2016, 7:47 pm
#2567
Join Date: Jan 2008
Location: SF Bay Area
Programs: UA 1K MM, Marriott Life Plat, various others of little note
Posts: 2,763
Let's be clear about one thing: NO ONE is panicking!
Those of us who are Starwood loyalists DO NOT want to have anything to do with Marriott and its second rate loyalty program. As such, we DO NOT want to know about any revised program details.
We simply want Marriott to take the breakup fee and go away, please!
Those of us who are Starwood loyalists DO NOT want to have anything to do with Marriott and its second rate loyalty program. As such, we DO NOT want to know about any revised program details.
We simply want Marriott to take the breakup fee and go away, please!
Mar 21, 2016, 7:52 pm
#2568
Join Date: Oct 2006
Programs: AA EP 4+ million miles, Ambassador+ Elite
Posts: 267
Points Used Before Merger
Are most people with substantial points booking vacation stays with points before the merger, fearing the devaluation of our points? I am trying to decide what to do. Thoughts?
Mar 21, 2016, 7:56 pm
#2569
Join Date: Mar 2013
Location: LBB
Programs: UA 1K 1MM ★G | Marriott LTT | Hilton ♦ | Hertz PC | Global Entry TSA Pre ✓
Posts: 2,820
Wow what a bunch of spoiled whiners. Why doesn't anyone want to simply wait and see what the program evolves into? Everything here is absolute speculation (I am guilty and have speculated as well) so far. Everyone needs to relax and not jump the gun here.
I am excited to have new options for vacation properties... Though the merger doesn't impact me so much since I spend a lot of time in places like Visalia, CA, Holland, MI, Roswell NM, and other places where there are no SPG properties.... SPG loyals should at least be happy to have a huge upgrade in coverage with Marriott properties.
I am excited to have new options for vacation properties... Though the merger doesn't impact me so much since I spend a lot of time in places like Visalia, CA, Holland, MI, Roswell NM, and other places where there are no SPG properties.... SPG loyals should at least be happy to have a huge upgrade in coverage with Marriott properties.
Mar 21, 2016, 7:59 pm
#2570
Join Date: Mar 2013
Location: LBB
Programs: UA 1K 1MM ★G | Marriott LTT | Hilton ♦ | Hertz PC | Global Entry TSA Pre ✓
Posts: 2,820
Spending points is probably the most risk-averse move in this situation. I would hope that no devaluation occurs, but you never know. At least spending them now gets you current redemption rates (probably the best case scenario). I have a ton of MR points and I will cash them in just in case MR uses this as an excuse to devalue both programs. Given the extra $$ they just spent on this acquisition, it wouldn't surprise me.
Mar 21, 2016, 8:02 pm
#2571
Join Date: Jun 2013
Programs: AA EXP,LFP~3 MM; MarriottRewards, LFP; Avis 1st; Hertz Gold
Posts: 150
Let's be clear about one thing: NO ONE is panicking!
Those of us who are Starwood loyalists DO NOT want to have anything to do with Marriott and its second rate loyalty program. As such, we DO NOT want to know about any revised program details.
We simply want Marriott to take the breakup fee and go away, please!
Those of us who are Starwood loyalists DO NOT want to have anything to do with Marriott and its second rate loyalty program. As such, we DO NOT want to know about any revised program details.
We simply want Marriott to take the breakup fee and go away, please!
Mar 21, 2016, 8:03 pm
#2572
Join Date: Dec 2007
Location: Body in Downtown YYZ, heart and mind elsewhere
Programs: UA 50K, refugee from AC E50K, Marriott Lifetime Plat
Posts: 5,133
As an Employee ( 15+ years), I feel more secure with Anbang than I do with Marriott. Although the prospect of being sold to a Foreign company doesnt sit well, I rather take my chances and keep my Job than have my position eliminated which is going to happen to a lot of us under MAR.
I think it's fair to say that the majority of us on this thread feel more secure with Anbang vs MAR. I do think things are getting pretty darn expensive though so I'm not sure Anbang will up the bid. Then again, I didn't foresee MAR going with $21 cash so one never knows ...
Mar 21, 2016, 8:03 pm
#2573
A FlyerTalk Posting Legend
Join Date: Apr 2004
Location: GVA (Greater Vancouver Area)
Programs: DREAD Gold; UA 1.035MM; Bonvoy Au-197; PCC Elite+; CCC Elite+; MSC C-12; CWC Au-197; WoH Dis
Posts: 52,224
I think we must be reading different threads.
Those of us who are not panicking have no problem waiting for details.
Last edited by mahasamatman; Mar 21, 2016 at 8:08 pm
Mar 21, 2016, 8:06 pm
#2574
Join Date: Dec 2001
Location: NYC
Programs: AA LT PLT, SPG Gold
Posts: 2,564
Whichever way this thing goes, I hope your job will be safe and that you'll continue to join us here on FT! I really enjoy the interaction we have with the Lurkers and I do wonder if that particular role would continue under the MAR banner.
I think it's fair to say that the majority of us on this thread feel more secure with Anbang vs MAR. I do think things are getting pretty darn expensive though so I'm not sure Anbang will up the bid. Then again, I didn't foresee MAR going with $21 cash so one never knows ...
I think it's fair to say that the majority of us on this thread feel more secure with Anbang vs MAR. I do think things are getting pretty darn expensive though so I'm not sure Anbang will up the bid. Then again, I didn't foresee MAR going with $21 cash so one never knows ...
Mar 21, 2016, 8:06 pm
#2575
Join Date: Jan 2012
Location: HEL
Programs: SPG LTP, hotels, OWE, STE+, *G, Octopus
Posts: 5,804
Let's be clear about one thing: NO ONE is panicking!
Those of us who are Starwood loyalists DO NOT want to have anything to do with Marriott and its second rate loyalty program. As such, we DO NOT want to know about any revised program details.
We simply want Marriott to take the breakup fee and go away, please!
Those of us who are Starwood loyalists DO NOT want to have anything to do with Marriott and its second rate loyalty program. As such, we DO NOT want to know about any revised program details.
We simply want Marriott to take the breakup fee and go away, please!
And may I just recommend El Puerco Volante as a presidential candidate or, at least, Freddie awards top post winner!
Mar 21, 2016, 8:08 pm
#2576
Join Date: Dec 2007
Location: Body in Downtown YYZ, heart and mind elsewhere
Programs: UA 50K, refugee from AC E50K, Marriott Lifetime Plat
Posts: 5,133
MAR is in this for many reasons but high on their list is at least $250 mil in cost savings. These cost savings will be realized by firing a bunch of people, closing / selling a few properties here and there and ultimately by not improving (from our perspective) the program.
Mar 21, 2016, 8:12 pm
#2577
Join Date: Dec 2007
Location: Body in Downtown YYZ, heart and mind elsewhere
Programs: UA 50K, refugee from AC E50K, Marriott Lifetime Plat
Posts: 5,133
Perhaps. But MAR does have an advantage here in that they can pull 2 levers - stock and cash. Anbang is limited to making a cash offer. For them to pull ahead will require (I think) a pretty fair chunk of change.
It's clear that Anbang wants SPG but I doubt that they want it at any price. I would suspect we're getting rather close to everybody's price limit. But obviously that's just my (uneducated) opinion.
It's clear that Anbang wants SPG but I doubt that they want it at any price. I would suspect we're getting rather close to everybody's price limit. But obviously that's just my (uneducated) opinion.
Mar 21, 2016, 8:12 pm
#2578
Join Date: Feb 2007
Location: Suburban Philadelphia
Programs: Marriott Lifetime Plat, IHG Gold
Posts: 3,392
It's not whining, it's expressing an opinion and it's my opinion, too. I think that there are Hilton (Garden Inn) and Priority Club (Indigo) products that are far superior to anything Marriott has. I don't want to stay at Marriott properties because I don't want to stay at Marriott properties, not out of some resentment over the acquisition of HOT. The fact is that HOT and MAR customers are very different, and the fact that HOT customers do not want what MAR is offering should be self evident from the fact that they are not MAR customers now. MAR's ownership of HOT properties doesn't change this.
As for Marriott and SPG having different customers, how do you explain people like me who have status on both programs? I've been in Four Points properties that looked like crap. I've been in tired FS Sheratons. I've been in dumpy Marriott properties as well, and been in properties in both programs that have been excellent. Some cities have Marriott properties that work best for me and some cities have Sheraton properties that work best for me. What SPG property should I stay in when I'm in Basel? Bremen? CVG?
Let's be clear about one thing: NO ONE is panicking!
Those of us who are Starwood loyalists DO NOT want to have anything to do with Marriott and its second rate loyalty program. As such, we DO NOT want to know about any revised program details.
We simply want Marriott to take the breakup fee and go away, please!
Those of us who are Starwood loyalists DO NOT want to have anything to do with Marriott and its second rate loyalty program. As such, we DO NOT want to know about any revised program details.
We simply want Marriott to take the breakup fee and go away, please!
Mar 21, 2016, 8:32 pm
#2579
Join Date: Sep 2006
Location: San Diego
Programs: UA LTP, AA LTG, DL Plat, Marriott LTT, HH Diamond
Posts: 869
It's not whining, it's expressing a fact and it's a fact that applies to me, too. I think that there are Hilton (Garden Inn) and Priority Club (Indigo) products that are far superior to anything Marriott has. I don't want to stay at Marriott properties because I don't want to stay at Marriott properties, not out of some resentment over the acquisition of HOT. The fact is that HOT and MAR customers are very different, and the fact that HOT customers do not want what MAR is offering should be self evident from the fact that they are not MAR customers now. MAR's ownership of HOT properties doesn't change this.
FTF
Last edited by FullTimeFlyer; Mar 21, 2016 at 8:36 pm Reason: Corrected the number of frenzied thread pages
Mar 21, 2016, 8:34 pm
#2580
Join Date: Mar 2011
Programs: AA, UA, DL, AS, LH, BA, VS, HHonors, Hyatt, Club Carlson, IHG, Marriott
Posts: 833
It may not be over yet:
Anbang-Led Group Faces Challenge to Wrest Starwood From Marriott
David Loeb, an analyst at Robert W. Baird & Co., said he expects Anbang to raise its bid, while Marriott would walk away with its $450 million termination fee should Starwood go with the other suitor.
“My assumption is that this is it for Marriott,” said Loeb. “I think this is their best shot, and I don’t think $450 million is a bad outcome for them. Just getting $50 million more and protection around financing expenses made this round worthwhile.”
Anbang-Led Group Faces Challenge to Wrest Starwood From Marriott
David Loeb, an analyst at Robert W. Baird & Co., said he expects Anbang to raise its bid, while Marriott would walk away with its $450 million termination fee should Starwood go with the other suitor.
“My assumption is that this is it for Marriott,” said Loeb. “I think this is their best shot, and I don’t think $450 million is a bad outcome for them. Just getting $50 million more and protection around financing expenses made this round worthwhile.”