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"
Nov 16, 2015, 7:33 am
#121
Join Date: Jun 2002
Location: BCT. Formerly known as attorney28
Programs: LH HON,BA GGL GfL,Hyatt LT Glob,Mrtt LT P,Hilt LT D,IC Amb,Acc P,GHA Tit,LHW Strlg,Sixt/Av/Hz D/Pres
Posts: 6,826
Will SPG Lifetime Plat become Marriott Lifetime Plat? I understand that the current Marriott Lifetime Plat has a somewhat higher requirement, but...
Also, at the highest level, the combined loyalty program should definitely offer breakfast and guaranteed late checkout and some kind of guaranteed minimum upgrade as well as guaranteed lounge access at least.
Also, at the highest level, the combined loyalty program should definitely offer breakfast and guaranteed late checkout and some kind of guaranteed minimum upgrade as well as guaranteed lounge access at least.
Nov 16, 2015, 7:33 am
#122
FlyerTalk Evangelist
Join Date: Feb 1999
Location: Seat 1A, Juice pretty much everywhere, Mucci des Coins Exotiques
Posts: 34,339
It will be interesting to see how this all plays out but we're unlikely to know much in this realm until well into next year, so likely one more year of status quo but will be interesting to see how status benefit reciprocity will be handled once the merger is concluded, but before the programs are merged.
Nov 16, 2015, 7:33 am
#123
Join Date: Sep 2004
Location: GRB, MKE, ATW
Programs: DL DM & MM, Hilton Diamond, IC Plt Amb , Marriott LTP, Hertz President's Circle
Posts: 572
I would just like to speculate on how they are going to be merging SPG and MR Rewards status? I am am currently a SPG LT Gold and about 100 nights away from SPG LT Plat.
I have been SPG Plat for the last 10 years, (25 nights at the beginning, 50 nights now since SNAs came into the picture) and I am really hoping that Marriott takes all SPG Plats (annual re-qualified for 2016) and moves them to MR Platinum status for 2016, etc., LT SPG Golds and moves them into LT MR Gold status, and SPG LT Plat status to MR LT Plat status rather than a devaluation of SPG status.
I don't travel that often like some road warriors in this forum and to squeeze 50 nights a year is pretty tough. I am hoping that MR and SPG keep Plat status achievable or at least flag those who have been Plat w/ SPG for a significant amount of time and takes care of them. Staying 75 nights for me is out of the question with my travel patterns.
Long and short, I hope that SPG's program weighs in significantly with the new loyalty rewards program as I am not familiar with Marriott's at all.
I have been SPG Plat for the last 10 years, (25 nights at the beginning, 50 nights now since SNAs came into the picture) and I am really hoping that Marriott takes all SPG Plats (annual re-qualified for 2016) and moves them to MR Platinum status for 2016, etc., LT SPG Golds and moves them into LT MR Gold status, and SPG LT Plat status to MR LT Plat status rather than a devaluation of SPG status.
I don't travel that often like some road warriors in this forum and to squeeze 50 nights a year is pretty tough. I am hoping that MR and SPG keep Plat status achievable or at least flag those who have been Plat w/ SPG for a significant amount of time and takes care of them. Staying 75 nights for me is out of the question with my travel patterns.
Long and short, I hope that SPG's program weighs in significantly with the new loyalty rewards program as I am not familiar with Marriott's at all.
Nov 16, 2015, 7:38 am
#124
Join Date: Jan 2008
Location: JFK, DCA, BUR, YVR
Programs: AC, AS, BA, DL, HH (D), MR (T/LTP), UA (*S), UScAAre (PLT/1,87MM), WN
Posts: 5,207
Will SPG Lifetime Plat become Marriott Lifetime Plat? I understand that the current Marriott Lifetime Plat has a somewhat higher requirement, but...
Also, at the highest level, the combined loyalty program should definitely offer breakfast and guaranteed late checkout and some kind of guaranteed minimum upgrade as well as guaranteed lounge access at least.
Also, at the highest level, the combined loyalty program should definitely offer breakfast and guaranteed late checkout and some kind of guaranteed minimum upgrade as well as guaranteed lounge access at least.
Nov 16, 2015, 7:38 am
#125
Join Date: Jun 2002
Location: BCT. Formerly known as attorney28
Programs: LH HON,BA GGL GfL,Hyatt LT Glob,Mrtt LT P,Hilt LT D,IC Amb,Acc P,GHA Tit,LHW Strlg,Sixt/Av/Hz D/Pres
Posts: 6,826
If they don't make SPG Lifetime Plat into Marriott Lifetime Plat, I will never set foot in a Marriott (or SPG hotel anymore), and I think many others will be the same. That way, they would lose some of the most loyal and frequent guests, and thereby a lot of the value they just paid a lot of money for. I'm also Hyatt Diamond and Hilton Diamond, IC RA and LHW Unlimited, so I have options.
Nov 16, 2015, 7:38 am
#126
Join Date: Jun 2011
Programs: SPG Platinum, Hyatt Diamond
Posts: 1,134
The stock markets are not reacting favorably for this merger...
HOT -6.09%
MAR -2.56%
Interesting on Hyatt...
H +2.28%
HOT -6.09%
MAR -2.56%
Interesting on Hyatt...
H +2.28%
Nov 16, 2015, 7:40 am
#128
Join Date: Jun 2015
Location: New York
Programs: AA, CX, Hyatt, Marriott
Posts: 1,484
I would just like to speculate on how they are going to be merging SPG and MR Rewards status? I am am currently a SPG LT Gold and about 100 nights away from SPG LT Plat.
I have been SPG Plat for the last 10 years, (25 nights at the beginning, 50 nights now since SNAs came into the picture) and I am really hoping that Marriott takes all SPG Plats (annual re-qualified for 2016) and moves them to MR Platinum status for 2016, etc., LT SPG Golds and moves them into LT MR Gold status, and SPG LT Plat status to MR LT Plat status rather than a devaluation of SPG status.
I don't travel that often like some road warriors in this forum and to squeeze 50 nights a year is pretty tough. I am hoping that MR and SPG keep Plat status achievable or at least flag those who have been Plat w/ SPG for a significant amount of time and takes care of them. Staying 75 nights for me is out of the question with my travel patterns.
Long and short, I hope that SPG's program weighs in significantly with the new loyalty rewards program as I am not familiar with Marriott's at all.
I have been SPG Plat for the last 10 years, (25 nights at the beginning, 50 nights now since SNAs came into the picture) and I am really hoping that Marriott takes all SPG Plats (annual re-qualified for 2016) and moves them to MR Platinum status for 2016, etc., LT SPG Golds and moves them into LT MR Gold status, and SPG LT Plat status to MR LT Plat status rather than a devaluation of SPG status.
I don't travel that often like some road warriors in this forum and to squeeze 50 nights a year is pretty tough. I am hoping that MR and SPG keep Plat status achievable or at least flag those who have been Plat w/ SPG for a significant amount of time and takes care of them. Staying 75 nights for me is out of the question with my travel patterns.
Long and short, I hope that SPG's program weighs in significantly with the new loyalty rewards program as I am not familiar with Marriott's at all.
Marriott, 750 nights AND 2m MR for LT Pla; 500 nights AND 1.6m MR for LT Gold; and 250 nights AND 1.2m MR for LT Silver (automatic for Chase MR credit card holder);
Marriott's earning rate is approx. $1 for 10 MR points, so you could calculate the USD equivalent.
Nov 16, 2015, 7:40 am
#129
FlyerTalk Evangelist
Join Date: Feb 1999
Location: Seat 1A, Juice pretty much everywhere, Mucci des Coins Exotiques
Posts: 34,339
The HOT and MAR numbers look quite correct to me, rather than negative. As for Hyatt, the speculation will be that they will get bought out so it's natural for it to get a boost.
Nov 16, 2015, 7:41 am
#130
Join Date: Sep 2004
Location: GRB, MKE, ATW
Programs: DL DM & MM, Hilton Diamond, IC Plt Amb , Marriott LTP, Hertz President's Circle
Posts: 572
If they don't make SPG Lifetime Plat into Marriott Lifetime Plat, I will never set foot in a Marriott (or SPG hotel anymore), and I think many others will be the same. That way, they would lose some of the most loyal and frequent guests, and thereby a lot of the value they just paid a lot of money for. I'm also Hyatt Diamond and Hilton Diamond, IC RA and LHW Unlimited, so I have options.
Long and short, that was what I was getting at. Take care of the higher end of SPG loyalty or you'll lose a lot of folk......
Nov 16, 2015, 7:42 am
#131
Join Date: Nov 2009
Location: flying from regional hell at TLH
Programs: DL FO, SPG Gold, HH Gold
Posts: 144
Bummer
Any way you look at this, it's not good. Ironically, I just stayed at the Marriott in New Orleans late last week and was thinking how much I really, really hate Marriotts. Their punch in number elevator system completely failed and had people waiting up to half an hour to get up and down -- for two days.
People I know who like Marriotts, like their program--but I just assumed it was because they didn't know what they were missing. Just hit PLT for next year and I've got about 400K Starpoints, so now considering what to do with them. Guess I'm going to start booking some 2016 travel. Someone else speculated about a run on point booking and I do wonder if that will be an issue.
On the whole Vistana thing, those of us who bought a timeshare from Starwood did it because of the flexibility to convert that inventory to Starpoints to be used in places where they have hotels. It's been great for international. Starwood has assured us that this benefit will maintain with the Interval merger, but this new piece seems to call that into doubt. Most of those I know with Marriott timeshares don't have that flexibility with their program.
So, basically, this all sounds bad. But as long as I don't have to actually stay in Marriotts, I guess it's not horrible.
People I know who like Marriotts, like their program--but I just assumed it was because they didn't know what they were missing. Just hit PLT for next year and I've got about 400K Starpoints, so now considering what to do with them. Guess I'm going to start booking some 2016 travel. Someone else speculated about a run on point booking and I do wonder if that will be an issue.
On the whole Vistana thing, those of us who bought a timeshare from Starwood did it because of the flexibility to convert that inventory to Starpoints to be used in places where they have hotels. It's been great for international. Starwood has assured us that this benefit will maintain with the Interval merger, but this new piece seems to call that into doubt. Most of those I know with Marriott timeshares don't have that flexibility with their program.
So, basically, this all sounds bad. But as long as I don't have to actually stay in Marriotts, I guess it's not horrible.
Nov 16, 2015, 7:44 am
#132
Join Date: Mar 2008
Location: Varies
Programs: Mariott Plat, *wood Plat, Hyatt Diamond, United 1K
Posts: 280
Per the call, Marriott passed once on the deal (due to pricing) and then re-evaluated in the fall.
Nov 16, 2015, 7:48 am
#133
Join Date: Aug 2000
Location: brooklyn, ny 11201
Posts: 329
Marriott Rewards vs SPG -- What's better for elites and what's worse?
My guess is that this is being kicked around in the main acquisition thread some, but that conversation is likely to grow super-big, super-fast. So I'd like to read a focused, side-by-side comparison thread with comments from Marriott elites who also have SPG status on precisely what (if anything...) is better about the Marriott program and which features we are likely to lose (late checkout most of the time? AAdvantage transfer with bonus? Some or another credit-card perks?). I know nothing at all about the Marriott program (or their properties for that matter) and would like to hear opinionated takes from those who have been there and know Starwood too. Mods, if I've missed this thread in the announcement frenzy or this is somehow problematic in some other way, by all means kill it.
Nov 16, 2015, 7:51 am
#134
Join Date: Jan 2008
Location: Wash, DC
Programs: SPG Platinum, Delta Gold Medallion, United/Star Alliance Gold, Marriott Gold
Posts: 161
HOT now below $70 with last trade at $69.57. Starwood was actually a viable company all on its own with good metrics. I'm still a bit clueless as to why they felt compelled to do this deal at what I consider a pretty mediocre price. I'm not seeing the upside for either Marriott or Starwood.
Nov 16, 2015, 7:54 am
#135
Join Date: Jun 2011
Location: EWR
Posts: 680
Sad to see the inevitable consolidation of the hotel industry.