Marriott and Starwood Shareholders Approve Merger To Become World’s Largest Hotel Company

After a dramatic last few weeks in which Marriott International nearly lost out on its quest to acquire Starwood Hotels & Resorts to Chinese insurer Anbang and its investor group, both hotel companies hosted their respective shareholder meetings April 8 to endorse their newly agreed upon merger pact. In separate meetings, shareholders from both Marriott and Starwood voted to approve the new combination. Stockholders of more than 97 percent of Marriott shares present and voting at the meeting, representing more than 79 percent of outstanding shares, voted in favor of a proposal to issue shares of Marriott common stock in connection with the transaction. Shareholders of more than 95 percent of Starwood shares present and voting at the meeting, representing more than 63 percent of outstanding shares, voted in favor of a proposal to approve the transaction. Under the terms of the new deal that was accepted on March 21, Starwood's shareholders will receive 0.8 shares of Marriot