Marriott-Starwood merger gets approved
The Chinese Ministry of Commerce (MOFCOM) has approved the merger of Marriott International and Starwood Hotels & Resorts Worldwide.
As this was the last regulatory approval required to complete the merger, Marriott and Starwood are now able to proceed with closing the transaction and expect the transaction to be completed before the market opens on September 23, pending satisfaction of customary closing requirements, a statement from Marriott said.
Marriott and Starwood have already received unconditional approval from regulatory authorities in over 40 countries, including the US and the EU.
The merger was first announced in November 2015, where Marriott International said it had agreed to buy Starwood Hotels & Resorts in a USD 12.2bn cash and shares deal, creating the world’s largest hotel company.
It said the combined company – which will include the Sheraton, W Hotels and Ritz-Carlton brands, will have more than 5,500 hotels, with more than one million rooms worldwide.
Starwood Hotels & Resorts Worldwide currently operates two properties in Maldives with Sheraton Maldives Full Moon Resort and Spa in North Malé Atoll and W Maldives in North Ari Atoll. The company is also set to open its third property in November 2016, as The St. Regis Maldives Vommuli Resort.
Marriot International was set to open its first resort in Maldives as Renaissance Maldives Gaakoshibee Resort & Spa, but, never happened.