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. Starwood’s Board has not changed its recommendation in support of Starwood’s 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 it’s 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 Marriott’s stock-and-cash offer valued at $75.91 a share, or about $12.8 billion, based on March 24th’s 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 won’t easily back down as it seeks to build its hotel holdings. The Beijing-based company last year purchased Manhattan’s 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
China’s Anbang Drops Bid for Starwood Hotels
Operator of Sheraton, other hotels seen returning to Marriott’s 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
We’re excited to share the news that Starwood Hotels & Resorts will join together with Marriott International to create the world’s 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, we’ll 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, we’ll 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 World’s Largest Hotel Company, Best Loyalty Program
Today we’re excited to share the news that Starwood Hotels & Resorts will join together with Marriott International to create the world’s 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, you’ll 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 us—whether 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 World’s Largest Hotel Company, Best Loyalty Program
Today we’re excited to share the news that Starwood Hotels & Resorts will join together with Marriott International to create the world’s 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, you’ll 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 us—whether 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. Starwood’s Board has not changed its recommendation in support of Starwood’s 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 it’s 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 Marriott’s stock-and-cash offer valued at $75.91 a share, or about $12.8 billion, based on March 24th’s 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 won’t easily back down as it seeks to build its hotel holdings. The Beijing-based company last year purchased Manhattan’s 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
China’s Anbang Drops Bid for Starwood Hotels
Operator of Sheraton, other hotels seen returning to Marriott’s previous takeover offer
http://www.wsj.com/articles/chinas-a...way-1459455942
Starwood: "Marriott and Starwood stockholders approve merger"
Mar 23, 2016, 12:23 pm
#2791
Join Date: Sep 2006
Location: San Diego
Programs: UA LTP, AA LTG, DL Plat, Marriott LTT, HH Diamond
Posts: 865
Mar 23, 2016, 12:35 pm
#2792
Join Date: Jan 2008
Location: SF Bay Area
Programs: UA 1K MM, Marriott Life Plat, various others of little note
Posts: 2,763
http://www.mirror.co.uk/news/world-n...-waste-7589359
Given the trends in hotel occupancy and travel that are currently underway and likely to continue, this is our future. Mass affluence is getting overrun by the masses. The alternatives are suck it up or flee to the four seasons, RC, or whatever. I doubt the addition of MR will make any difference.
Mar 23, 2016, 12:42 pm
#2793
Join Date: Nov 2013
Location: LAX, LGB, SNA
Programs: AA EXP OWE, DL DM ST+, AS MVPG, UA, BA, WN CP, Hyatt E, Ritz Plat, HH GM
Posts: 3,185
I found st Regis Beijing for 12k. Does that count? 
there's st. Regis chengdu 10k. Is that 4 star? There's a bunch of luxury collection and Ws for 10k.
Again I'm not OP, but I would categorize the 10 to 20k ish redemptions as mid to upper scale. Not Ritz level, but definitely nice redemptions.
there's st. Regis chengdu 10k. Is that 4 star? There's a bunch of luxury collection and Ws for 10k.Again I'm not OP, but I would categorize the 10 to 20k ish redemptions as mid to upper scale. Not Ritz level, but definitely nice redemptions.
Mar 23, 2016, 12:53 pm
#2794
A FlyerTalk Posting Legend
Join Date: Sep 2009
Location: Minneapolis: DL DM charter 2.3MM
Programs: A3*Gold, SPG Plat, HyattDiamond, MarriottPP, LHW exAccess, ICI, Raffles Amb, NW PE MM, TWA Gold MM
Posts: 100,417
That's a great first post! Thanks lucitina.
So we now know that Anbang Group is within the 15% "rule". But whether it's Insurance or Group making the bid is likely irrelevant here. The fact that we're hearing noise about possible regulator "interference" is possibly indicative that the Chinese Central Government may be looking at this deal unfavourably. Let's face it, if the Chinese government wanted this deal to go through, it would go through.
But here's hoping all this is hearsay. I for one am still hoping against hope that Anbang will save the day.
So we now know that Anbang Group is within the 15% "rule". But whether it's Insurance or Group making the bid is likely irrelevant here. The fact that we're hearing noise about possible regulator "interference" is possibly indicative that the Chinese Central Government may be looking at this deal unfavourably. Let's face it, if the Chinese government wanted this deal to go through, it would go through.
But here's hoping all this is hearsay. I for one am still hoping against hope that Anbang will save the day.
Mar 23, 2016, 1:13 pm
#2795
Join Date: Aug 2011
Programs: Marriott Bonvoy Ambassador
Posts: 598
The thing I'm most worried about is Marriott's categorization of their hotels for point redemptions. For example, in Florida, outside of Orlando, you don't see the vast majority of full service, upscale hotels until you reach category 8. Cats 1-7 are filled mostly with Courtyards, Fairfield Inns and the like.
As a specific example, looking at Florida in May, the Marriott Fort Lauderdale Beach Resort, made a Category 8, has significantly cheaper rates than the nearby W Fort Lauderdale, which is only a cat 5, with the Marriott requiring 40,000 points and only 12,000 at the W. That is more than 3x the amount, and I have many doubts that Marriott would provide SPG members with that kind of point conversion rate.
As a specific example, looking at Florida in May, the Marriott Fort Lauderdale Beach Resort, made a Category 8, has significantly cheaper rates than the nearby W Fort Lauderdale, which is only a cat 5, with the Marriott requiring 40,000 points and only 12,000 at the W. That is more than 3x the amount, and I have many doubts that Marriott would provide SPG members with that kind of point conversion rate.
Mar 23, 2016, 1:20 pm
#2796
Join Date: Mar 2007
Location: CLE
Programs: UA Gold, HH Diamond, Marriott Gold
Posts: 3,662
The thing I'm most worried about is Marriott's categorization of their hotels for point redemptions. For example, in Florida, outside of Orlando, you don't see the vast majority of full service, upscale hotels until you reach category 8. Cats 1-7 are filled mostly with Courtyards, Fairfield Inns and the like.
As a specific example, looking at Florida in May, the Marriott Fort Lauderdale Beach Resort, made a Category 8, has significantly cheaper rates than the nearby W Fort Lauderdale, which is only a cat 5, with the Marriott requiring 40,000 points and only 12,000 at the W. That is more than 3x the amount, and I have many doubts that Marriott would provide SPG members with that kind of point conversion rate.
As a specific example, looking at Florida in May, the Marriott Fort Lauderdale Beach Resort, made a Category 8, has significantly cheaper rates than the nearby W Fort Lauderdale, which is only a cat 5, with the Marriott requiring 40,000 points and only 12,000 at the W. That is more than 3x the amount, and I have many doubts that Marriott would provide SPG members with that kind of point conversion rate.
Mar 23, 2016, 1:32 pm
#2797
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Join Date: Sep 2009
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Programs: A3*Gold, SPG Plat, HyattDiamond, MarriottPP, LHW exAccess, ICI, Raffles Amb, NW PE MM, TWA Gold MM
Posts: 100,417
Another data point: RC Hong Kong wanted 70,000 MR points per night for a base room for one person without lounge access. I did a FHR reservation instead for a club room. This was a couple years ago, not long after the RC opened. IIRC the RC category scale is different from that of Marriott, but I don't remember the category number.
By comparison, the W Hong Kong in the same complex is overall probably not quite as nice. IIRC it's SPG category 6, but I think I also stayed when it was category 5; I've done well with suite upgrades there. I vaguely remember the RC being about twice as expensive in money for my dates.
By comparison, the W Hong Kong in the same complex is overall probably not quite as nice. IIRC it's SPG category 6, but I think I also stayed when it was category 5; I've done well with suite upgrades there. I vaguely remember the RC being about twice as expensive in money for my dates.
Mar 23, 2016, 1:48 pm
#2798
FlyerTalk Evangelist
Join Date: Jun 2004
Location: MSP
Programs: DL PM, MM, NR; HH Diamond, Bonvoy LT Gold, Hyatt Explorist, IHG Diamond, others
Posts: 12,159
Mar 23, 2016, 1:51 pm
#2799
FlyerTalk Evangelist
Join Date: Jun 2004
Location: MSP
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Posts: 12,159
The fact is that with all the club upselling, card promotions, etc., there are already plenty of people in the clubs who don't know how to behave.
http://www.mirror.co.uk/news/world-n...-waste-7589359
Given the trends in hotel occupancy and travel that are currently underway and likely to continue, this is our future. Mass affluence is getting overrun by the masses. The alternatives are suck it up or flee to the four seasons, RC, or whatever. I doubt the addition of MR will make any difference.
http://www.mirror.co.uk/news/world-n...-waste-7589359
Given the trends in hotel occupancy and travel that are currently underway and likely to continue, this is our future. Mass affluence is getting overrun by the masses. The alternatives are suck it up or flee to the four seasons, RC, or whatever. I doubt the addition of MR will make any difference.
Mar 23, 2016, 2:03 pm
#2800
Join Date: Oct 2013
Posts: 54
If anything, it's a sign of indifference for the deal or they'd be outside of the industry norms. Likely a bit of Anbang speculation holding HOTs price up a touch.
Last edited by ftrbt; Mar 23, 2016 at 2:22 pm
Mar 23, 2016, 2:06 pm
#2801
Join Date: Dec 2009
Programs: BA Gold; AA Lfe Time PLT ; Marriott Titanium, LFT GLD
Posts: 1,276
Mar 23, 2016, 2:07 pm
#2802
Suspended
Join Date: Jul 2001
Location: Watchlisted by the prejudiced, en route to purgatory
Programs: Just Say No to Fleecing and Blacklisting
Posts: 102,095
The talk about the Chinese regulators concerned about capital outflows is not really applicable in preventing Anbang from acquiring Starwood with an even higher offer than it's already made. Not to say that a higher Anbang offer would be made and accepted by HOT shareholders, but the Chinese regulators aren't the show-stoppers this time. At least not yet.
Mar 23, 2016, 2:11 pm
#2803
Join Date: Feb 2010
Programs: MR-Amb, Hyatt-Globalist, AA-EXP
Posts: 1,744
I think the larger point is the effect this has on the value of their offer, and its perceived superiority.
Mar 23, 2016, 2:14 pm
#2804
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Posts: 34,339
Mar 23, 2016, 2:15 pm
#2805
Suspended
Join Date: Jul 2001
Location: Watchlisted by the prejudiced, en route to purgatory
Programs: Just Say No to Fleecing and Blacklisting
Posts: 102,095
The fact is that with all the club upselling, card promotions, etc., there are already plenty of people in the clubs who don't know how to behave.
http://www.mirror.co.uk/news/world-n...-waste-7589359
Given the trends in hotel occupancy and travel that are currently underway and likely to continue, this is our future. Mass affluence is getting overrun by the masses. The alternatives are suck it up or flee to the four seasons, RC, or whatever. I doubt the addition of MR will make any difference.
http://www.mirror.co.uk/news/world-n...-waste-7589359
Given the trends in hotel occupancy and travel that are currently underway and likely to continue, this is our future. Mass affluence is getting overrun by the masses. The alternatives are suck it up or flee to the four seasons, RC, or whatever. I doubt the addition of MR will make any difference.