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"
Apr 1, 2016, 9:49 am
#3226
Join Date: Feb 2002
Location: New York City, Northern NJ
Programs: AS, AA, Hilton, Hyatt
Posts: 1,041
Well, I guess this is the end of the line on this finally.
I voted my shares against the merger and against the golden parachutes to the executives and I have an order to sell my shares as of today. I have no need for MAR stock.
I voted my shares against the merger and against the golden parachutes to the executives and I have an order to sell my shares as of today. I have no need for MAR stock.
Apr 1, 2016, 9:49 am
#3227
A FlyerTalk Posting Legend
Join Date: Aug 2002
Programs: UALifetimePremierGold, Marriott LifetimeTitanium
Posts: 71,168
It sure would be nice for MAR to at least announce something on rewards program sooner than later?.... Rather than giving two months notice or something. It actually might be a benefit for them to keep the loyalists and others who will begin staying at all suppliers....Hilton, Hyatt, ICH, etc., looking for simply location and prices? I honestly don't know what the hell to do right now and it's not a shot against MAR.....do I burn my points; hold on to them; keep being loyal or move on??? I sure hope they look at this part as a priority??
Re: AnBang pulling out. I was stunned when I read about it (on this forum) last night. I couldn't figure out why they would make an increased bid & then pull it. I originally thought it might be the regulators after all. But reading some of the linked articles in this thread where AnBang was getting po'd because it didn't think SPG was acting in good faith, it makes more sense to me.
So - question for the M&A folk. Could there be a class-action because SPG didn't make AnBang a binding agreement when its 2nd offer was superior to Marriott's & thus AnBang walking away? Yes, the shareholders get more from the 2nd Marriott bid, but they would have gotten more from the 2nd AnBang bid. Is that a breach of fiduciary?
Cheers.
Apr 1, 2016, 9:49 am
#3228
Join Date: Jan 2013
Location: CEB - primary/YVR -secondary
Programs: AC*Super Elite (100K) / PR*Elite / AY*Platinum (OWE) / SPG*Bonvoy Titanium (LTT)
Posts: 2,279
I'm simply going off of experience from both programs. I get way more suite upgrades at MAR than SPG members suggest. This year, I've stayed 38 nights and 28 were in upgraded suites in Bangkok, Singapore, Houston, Chicago, Mumbai, London, and San Diego. Meanwhile, I booked a paid suite at the Westin in Hyderabad and they told me it was occupied when I arrived, did little to acknowledge they screwed up, and put me in a double bed room. I get that's an isolated incident, but I've never had that happen at a MAR.
I think the wording in MAR is more vague because they have tons of properties in brands without suites. From Marriott T&Cs:
"Upgrades may include rooms with desirable views, rooms on high floors, corner rooms, rooms with special amenities, rooms on Executive Floors, or suites. All upgrades are granted on a space-available basis, as determined at the time of check-in. Upgrades are subject to availability and identified by each hotel. "
I think the wording in MAR is more vague because they have tons of properties in brands without suites. From Marriott T&Cs:
"Upgrades may include rooms with desirable views, rooms on high floors, corner rooms, rooms with special amenities, rooms on Executive Floors, or suites. All upgrades are granted on a space-available basis, as determined at the time of check-in. Upgrades are subject to availability and identified by each hotel. "
If yes, why? What's their reason/incentive?
Apr 1, 2016, 9:53 am
#3229
Join Date: Dec 2003
Programs: AA Plat Pro, United Silver, Marriott LTT, Hyatt Globalist, Hilton Diamond, IHG Platinum
Posts: 1,122
Guarantee means I have to do it no matter what, even under the most extreme circumstances. Marriott doesn't guarantee it, which to SPG Plats means "never" in the way they talk. So if I know I'm turning over my entire property for back-to-back conferences, like the Marriott Denver Tech does, I can't guarantee late check out because I know 80-90% of my guests will check out as late as possible and my incoming is likely arriving between 2-6. If that scenario is not happening, I get late checkouts without fail to 2pm, and even 4pm in some locations.
...
...
ETA: I scrolled back a bit more and found that my husband and I aren't the only ones begging/groveling for 1PM:
Last edited by ehallison; Apr 1, 2016 at 10:00 am
Apr 1, 2016, 9:57 am
#3230
Join Date: Mar 2010
Programs: DL PM, Bonvoy Gold
Posts: 8,416
Two points:
1) I have not seen any SPG elites claiming that we get guaranteed suite upgrades. We don't, we just get lots of upgrades (including the Suite Night Awards program).
2) Hotels are different than airlines, and I don't think we can assume that the merged loyalty programs will follow the same path. The legacy carries now have what are essentially monopolies in lots of cities (MSP Delta, DEN United, etc). There is still real competition among hotels, including lots of independent hotels. Furthermore, management chains like HOT or MAR depend on hotels choosing their flag---that's their core business (esp. HOT). If the loyalty program is not perceived as valuable, a hotel could go independent and save lots of money.
1) I have not seen any SPG elites claiming that we get guaranteed suite upgrades. We don't, we just get lots of upgrades (including the Suite Night Awards program).
2) Hotels are different than airlines, and I don't think we can assume that the merged loyalty programs will follow the same path. The legacy carries now have what are essentially monopolies in lots of cities (MSP Delta, DEN United, etc). There is still real competition among hotels, including lots of independent hotels. Furthermore, management chains like HOT or MAR depend on hotels choosing their flag---that's their core business (esp. HOT). If the loyalty program is not perceived as valuable, a hotel could go independent and save lots of money.
Apr 1, 2016, 10:11 am
#3231
Join Date: Mar 2010
Location: USA
Programs: Many. Some top-tier, others not.
Posts: 281
Some of the folks around here sure seem to think that they deserve a guaranteed upgrade to a suite.
Apr 1, 2016, 10:20 am
#3232
Join Date: May 2010
Location: Earth ... for now
Programs: UA 2MM * Marriott Ambassador LT Titanium * IHG Diamond Ambassador * Hilton Diamond *
Posts: 1,812
Marriott CEO says would have loved to have won Starwood for less
Any idea on who is going to pay for the difference, one way or another?
http://finance.yahoo.com/news/marrio...125519544.html
http://finance.yahoo.com/news/marrio...125519544.html
Apr 1, 2016, 10:24 am
#3233
Join Date: Mar 2010
Location: USA
Programs: Many. Some top-tier, others not.
Posts: 281
Any idea on who is going to pay for the difference, one way or another?
http://finance.yahoo.com/news/marrio...125519544.html
http://finance.yahoo.com/news/marrio...125519544.html
Apr 1, 2016, 10:33 am
#3234
Join Date: May 2010
Location: Earth ... for now
Programs: UA 2MM * Marriott Ambassador LT Titanium * IHG Diamond Ambassador * Hilton Diamond *
Posts: 1,812
Marriott might change that and bring me back to reality: just getting what I pay for.
The removal of the Starwood strong incentives would free me up to explore many nice hotels, independent or part of other chains. Life goes on ....
Apr 1, 2016, 10:41 am
#3235
Original Poster
Join Date: Jan 2013
Location: London
Programs: BA Gold / OnBusiness, SPG Lifetime Plat 100, AmEx Centurion & BAPP, Superking Westin Heavenly Bed :)
Posts: 1,144
*PAULSON & CO. TO VOTE STARWOOD SHRS IN FAVOR OF MAR DEAL: RTRS
Pretty much wraps this up...
Pretty much wraps this up...
Apr 1, 2016, 10:45 am
#3236
Join Date: Mar 2010
Location: USA
Programs: Many. Some top-tier, others not.
Posts: 281
But I agree.
Apr 1, 2016, 10:48 am
#3237
FlyerTalk Evangelist
Join Date: Apr 2008
Location: LGA/JFK/EWR
Programs: UA 1K1.75MM, Hyatt Globalist, abandoned Marriott LTT (RIP SPG), Hertz PC
Posts: 21,176
No SPG Plat is expecting a Presidential Suite or the like when they check in.
With Marriott, no Marriott Plat can expect a suite, as it's not a written benefit. :-:
Apr 1, 2016, 10:58 am
#3238
Join Date: Feb 2003
Location: On strike
Posts: 8,134
Apr 1, 2016, 11:00 am
#3239
Join Date: Mar 2013
Location: LBB
Programs: UA 1K 1MM ★G | Marriott LTT | Hilton ♦ | Hertz PC | Global Entry TSA Pre ✓
Posts: 2,820
I have a good history of being upgraded at Marriott properties. If I could correlate one thing to upgrade chances, it would be the length of stay. Typically, when I stay for one or two nights, I nearly always get an upgrade, especially for weekend stays. Longer stays typically are harder to upgrade, unless I pay outright. This correlation has been true for any hotel program (I stayed a lot of nights with HH in the past and noticed the same trend when I reached their top tier years back before switching over to MR).
For those in this world that come to expect upgrades, I have news - programs are changing (just look at airlines, who are now making first class seats much cheaper, especially for domestic flights.. making upgrades very difficult to come by). I would expect that hotel programs will look for ways to maximize their profits as well, and if that means pricing higher level rooms and suites at more competitive rates to sell them to make additional profit, I would expect that to happen (at the expense of upgrades to elites).
One thing I wish people would do is to look beyond upgrades and late checkouts (which I do understand are important for those that work different schedules or have late flights)... but look more into the level of services provided for $$ paid. Looking strictly at this, I believe Marriott (and HH and SPG) are very good. I feel like I get my $$ worth.
As for what distinguishes Marriott's rewards program, it is the ability to get the most for my points (in the form of travel packages) that has sold their program to me year after year.... not upgrades... not anything else.
As this merger moves to the next stage and becomes a formality, I just hope that the programs stay beneficial to the customer and the elite members of both programs... I will reserve my final judgement for when the new program is defined and decided upon. Only then will I be able to do some math and figure out if the program is worthwhile, or whether I will jump ship and start with Hyatt or go back to HH.
Apr 1, 2016, 11:05 am
#3240
FlyerTalk Evangelist
Join Date: Apr 2008
Location: LGA/JFK/EWR
Programs: UA 1K1.75MM, Hyatt Globalist, abandoned Marriott LTT (RIP SPG), Hertz PC
Posts: 21,176
Not to derail the discussion, but this oft-repeated claim is false. See the wiki at http://www.flyertalk.com/forum/starw...er-thread.html.
http://www.starwoodhotels.com/prefer...inum#InnerPage
An upgrade to best available room at check-in including a Standard Suite.