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, 9:25 pm
#3316
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
Well maybe Anbang decided to just wait a bit for Marriott stock to go down further, then buy up the whole shebang. Marriotts market cap is $18 billion, right? If it goes down to $14 billion then Anbang would be foolish to purchase just Starwood for that amount when they could get the combined company.
Apr 1, 2016, 9:31 pm
#3317
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 shareholders still need to vote to approve the merger. They might feel that they're overpaying or that their stock is being diluted too much for the deal to make sense for them. However, if they vote it down, I presume that they would owe HOT $450 million.
I'd like to really understand why the HOT board and top executives are so eager to merge with MAR rather than simply picking the best offer they can get. I can't believe that many of them would be kept on by Marriott after the merger. Moreover, golden parachute terms in contracts are normally independent of details such as the identity of who buys the company.
I'd like to really understand why the HOT board and top executives are so eager to merge with MAR rather than simply picking the best offer they can get. I can't believe that many of them would be kept on by Marriott after the merger. Moreover, golden parachute terms in contracts are normally independent of details such as the identity of who buys the company.
Apr 1, 2016, 9:39 pm
#3318
Join Date: Jun 2007
Location: JAX
Programs: UA Plat MM, AA Gold MM, Marriott LTT, Hyatt Globalist
Posts: 3,770
Talk is cheap, we'll have to wait and see what is reality.
SPG LT Plat status offers me the luxury of staying on the sideline and check out Hyatt while the future of SPG under Marriott shakes out. I will return if/when the resulting merged MR/SPG Plat benefits are good. In the meantime, I'm enjoying Hyatt Diamond benefits.
SPG LT Plat status offers me the luxury of staying on the sideline and check out Hyatt while the future of SPG under Marriott shakes out. I will return if/when the resulting merged MR/SPG Plat benefits are good. In the meantime, I'm enjoying Hyatt Diamond benefits.
Apr 1, 2016, 9:43 pm
#3320
Join Date: Oct 2002
Location: LAS
Programs: PA FT, TW Gold, NW/CO PE, VK Eagleflyer
Posts: 7,173
Not a word.
Apr 1, 2016, 10:00 pm
#3321
FlyerTalk Evangelist
Join Date: Apr 2009
Location: India
Programs: Bonvoy Lifetime Titanium, IHG Plat, HH Gold, Trident Plat, DL Diamond, AI Maharajah
Posts: 29,727
Apr 1, 2016, 10:10 pm
#3322
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: 100,463
Apr 1, 2016, 10:21 pm
#3323
Join Date: Apr 2004
Location: Belgrade, Serbia
Programs: Etihad Guest
Posts: 1,549
Iflyjetz keeps writing that hotels around the world will follow the US aviation consolidation model (which failed outside the USA), with the result that Elite Benefits will vanish and you will only get what you pay for.
But it actually hasn't happened in aviation.
In every major country, high tier elite frequent flyers get an increased baggage allowance, priority check-in and priority boarding.
Apart from high tier flyers in USA programs, they get free lounge access with unlimited alcoholic beverages and hot food.
They don't get that in US programs, but instead no First Class seat ever sits vacant - elite frequent flyers are upgraded into any unsold First Class seat.
And all frequent flyers everywhere earn miles equivalent to Marriott Rewards points. But they get an awful lot more loyalty privileges than Marriott frequent guests.
But it actually hasn't happened in aviation.
In every major country, high tier elite frequent flyers get an increased baggage allowance, priority check-in and priority boarding.
Apart from high tier flyers in USA programs, they get free lounge access with unlimited alcoholic beverages and hot food.
They don't get that in US programs, but instead no First Class seat ever sits vacant - elite frequent flyers are upgraded into any unsold First Class seat.
And all frequent flyers everywhere earn miles equivalent to Marriott Rewards points. But they get an awful lot more loyalty privileges than Marriott frequent guests.
Apr 1, 2016, 10:28 pm
#3324
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: 52,184
Not necessarily true. Just because you like your job doesn't mean there aren't other things you'd like to do even more. I am most definitely in that latter category and eagerly look forward to retirement. The people I feel sorriest for are the ones who have nothing to look forward to outside work.
Apr 1, 2016, 10:30 pm
#3325
Join Date: Jan 2008
Location: SF Bay Area
Programs: UA 1K MM, Marriott Life Plat, various others of little note
Posts: 2,763
So to summarise where this thread currently stands:
Marriott Loyalists: "SPG Platinums are spoiled brats who feel entitled to upgrades and late checkouts that they are not entitled to".
Starwood Loyalists: "But we are entitled - it's in the Terms and Conditions and that's why we choose Starwood".
Marriott Loyalists: "But you won't leave anyway, even after Marriott removes those benefits."
Starwood Loyalists: " We are already starting to. Whether it's Hyatt or AMEX FHR, there are plenty of options which still guarantee a 4pm checkout and upgrade."
Marriott Loyalists: "Ah yes, but they don't have a footprint in small US towns like Marriott, so you will stay."
Starwood Loyalists: "Neither do Starwood. We don't need a 2 star hotel in Terre Haute, Indiana. If we cared about that footprint in small towns we wouldn't be SPG Platinums, we would be Marriott Platinums."
Marriott Loyalists: "SPG Platinums are spoiled brats who feel entitled to upgrades and late checkouts that they are not entitled to".
Starwood Loyalists: "But we are entitled - it's in the Terms and Conditions and that's why we choose Starwood".
Marriott Loyalists: "But you won't leave anyway, even after Marriott removes those benefits."
Starwood Loyalists: " We are already starting to. Whether it's Hyatt or AMEX FHR, there are plenty of options which still guarantee a 4pm checkout and upgrade."
Marriott Loyalists: "Ah yes, but they don't have a footprint in small US towns like Marriott, so you will stay."
Starwood Loyalists: "Neither do Starwood. We don't need a 2 star hotel in Terre Haute, Indiana. If we cared about that footprint in small towns we wouldn't be SPG Platinums, we would be Marriott Platinums."
Apr 1, 2016, 10:31 pm
#3326
Join Date: Jan 2008
Location: SF Bay Area
Programs: UA 1K MM, Marriott Life Plat, various others of little note
Posts: 2,763
I've had Starwood properties play games with me on the available suite thing before. If you haven't, you've been fortunate. And yes, I called Starwood and couldn't get them to enforce the policy.
That being said, I've gotten a much higher percentage of suites at Starwood properties than Marriott properties.
That being said, I've gotten a much higher percentage of suites at Starwood properties than Marriott properties.
Apr 1, 2016, 10:40 pm
#3327
Join Date: Jan 2008
Location: SF Bay Area
Programs: UA 1K MM, Marriott Life Plat, various others of little note
Posts: 2,763
If you're actually able to pay the difference above per diem, you're a very rare exception.
As far as your requirement for more elite benefits, you're best off choosing a program other than Marriott and moving on with your life because I put the odds of that happening to be equal to the likelihood that Shangri La will have the same or more properties in Australia as Marriott.
As far as your requirement for more elite benefits, you're best off choosing a program other than Marriott and moving on with your life because I put the odds of that happening to be equal to the likelihood that Shangri La will have the same or more properties in Australia as Marriott.
I don't know why somebody "allowed" to stay at a starwood property would be "allowed" to stay at Marriott but not at Hyatt.
Apr 1, 2016, 10:42 pm
#3328
Join Date: Jan 2008
Location: SF Bay Area
Programs: UA 1K MM, Marriott Life Plat, various others of little note
Posts: 2,763
Apr 1, 2016, 11:12 pm
#3329
FlyerTalk Evangelist
Join Date: May 2001
Posts: 10,994
I am more worried about the ominous "MR 1 cent, SPG 2-2.5 cents" math. If the conversion is 2-2.5 when the programs merge, that is not very good for SPG members who earned most points through stays.
Apr 1, 2016, 11:13 pm
#3330
FlyerTalk Evangelist
Join Date: Feb 1999
Location: Seat 1A, Juice pretty much everywhere, Mucci des Coins Exotiques
Posts: 34,339
Everybody I know who has a per diem gets reimbursed for the per diem and whatever they pay above that is their own business. Don't know where "allowed" comes in.
I don't know why somebody "allowed" to stay at a starwood property would be "allowed" to stay at Marriott but not at Hyatt.
I don't know why somebody "allowed" to stay at a starwood property would be "allowed" to stay at Marriott but not at Hyatt.