As was reported in USA Today earlier this week, hotel giants Marriott and Starwood Hotels & Resorts took the next major step in their unification after shareholders of both companies approved the merger.
The deal will give Starwood stockholders 0.8 shares of Marriott common stock plus $21 cash for each share of Starwood common stock. Marriott will end up paying about $13.3 billion for Starwood.
Marriott CEO Anne Sorenson expects the transaction to be completed by the middle of this year. The deal has seen its fair share of ups and downs the last few weeks after Chinese-based Anbang Insurance Group tried to swoop in at the last minute with an all-cash bid for Starwood.
How the merger will play out for owners, franchisees and developers of the brands remains to be seen. It’s hard to tell until the merger is finalized, but this will certainly affect franchisees on both sides.
The combined companies will have 30 brands and more than a million rooms. To read the original story, click here.