LONDON (ShareCast) - (ShareCast News) - Starwood Hotels & Resorts is set to be acquired by Marriott International in a transaction which will create the world's largest hotel company.
The merger, which is valued at $13bn, will lead to the group having a presence in 110 countries with 5,700 hotels.

The deal will combine many of the world's biggest hotel brands, including Ritz Carlton, Courtyard and Residence Inn from Marriott, and W Hotels and Sheraton from Starwood.

President and chief executive of Marriott Arne Sorenson said that the acquisition allows the company to become the world leader in the hotel industry.

"We believe that Marriott now has the world's best portfolio of hotel brands, the most comprehensive global footprint, and the most extensive loyalty programs, providing an unparalleled guest experience," Sorenson said.

Three members of Starwood's board have been added to the board of directors following the agreement between the two companies.

Marriott and Starwood had announced plans last November for a potential merger, but the transaction was put in doubt after a further offer from China's Anbang Insurance Group was received, before eventually being withdrawn.

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