News
Marriott and Starwood sign amended merger agreement
Maldives.net.mv – Marriott International, Inc and Starwood Hotels & Resorts Worldwide, Inc announced today that the companies have signed an amendment to their definitive merger agreement that creates the world’s largest hotel company.
Under the terms of the amended merger agreement, Starwood shareholders will receive $21.00 in cash and 0.80 shares of Marriott International, Inc. Class A common stock for each share of Starwood Hotels & Resorts Worldwide, Inc. common stock. Excluding its timeshare business, the transaction values Starwood at approximately $13.6 billion ($79.53 per share), consisting of $10.0 billion of Marriott International stock, based on the closing price of $73.16 on March 18, 2016, and $3.6 billion of cash, based on approximately 170 million outstanding Starwood shares. Starwood shareholders will own approximately 34 percent of the combined company’s common stock after completion of the merger, based on current shares outstanding.
In addition, Starwood stockholders are expected to receive separate consideration in the form of Interval Leisure Group common stock from the spin-off of the Starwood timeshare business and subsequent merger with ILG, currently valued at $5.83 per Starwood share, based on ILG’s share price as of market close on March 18, 2016. Both companies continue to expect the closing of this transaction will occur well before the planned date of the Marriott-Starwood merger closing. The amended agreement and the ILG transaction have a combined current value of $85.36 per share of Starwood common stock.
As a result of extensive due diligence and joint integration planning, Marriott is confident it can achieve $250 million in annual cost synergies within two years after closing, up from $200 million estimated in November 2015 when announcing the original merger agreement.
This revised agreement offers superior value for Starwood’s shareholders, the ability to close quickly, and provides value creation potential that will allow both sets of shareholders to benefit from improved financial performance. Marriott and Starwood have already obtained important regulatory consents necessary to complete the transaction, including clearing pre-merger antitrust reviews in the United States and Canada.
Arne Sorenson, President and Chief Executive Officer of Marriott International, said: “After five months of extensive due diligence and joint integration planning with Starwood, including a careful analysis of the brand architecture and future development prospects, we are even more excited about the power of the combined companies and the upside growth opportunities. We are also more confident of achieving our updated target of $250 million of cost synergies. With a higher cash component in the purchase price, we have improved the transaction’s financial structure as well.
“We expect to accelerate the growth of Starwood’s brands, leveraging Marriott’s worldwide hotel development organization and owner and franchisee relationships. On the top line, combined sales expertise and increased account coverage should drive additional customer loyalty and increase revenue. Hotel level cost savings should benefit owners and franchisees, including better efficiencies in reservations, procurement and shared services. The company will have a broader global footprint and the most powerful frequent traveler programs in the industry, strengthening Marriott’s ability to serve guests wherever they travel.
“We are also bringing together two of the most talented and experienced teams in the industry. Together, they will combine their innovative ideas and service commitment to deliver unforgettable guest experiences.”
Bruce Duncan, Chairman of the Board of Directors of Starwood Hotels & Resorts Worldwide, said, “We are pleased that Marriott has recognized the value that Starwood brings to this merger and enhanced the consideration being paid to Starwood shareholders. We continue to be excited about the combination of Starwood and Marriott, which will create the world’s largest hotel company with an unparalleled platform for global growth in the upscale segment. We are also pleased with the progress the two companies have made toward closing.
“Throughout this process, our Board of Directors has remained laser-focused on maximizing value for Starwood shareholders, and Marriott’s revised offer provides the highest value to our shareholders through long-term upside potential from shared synergies and ownership in one of the world’s most respected companies, as well as significant upfront cash consideration.
“With its asset light business model, multi-year industry leading unit growth, powerful brands, and consistent return of capital to shareholders, Marriott stock has consistently traded at valuation premiums to its public peers.”
Marriott expects the transaction to be roughly neutral to adjusted earnings per share in 2017 and 2018.
Marriott remains committed to maintaining an investment grade credit rating after the merger. While Marriott anticipates its leverage will be modestly higher than targeted levels when the transaction closes, it expects to reach targeted leverage of 3.0x to 3.25x adjusted debt to adjusted EBITDAR by year-end 2016.
One-time transaction costs for the merger are expected to total approximately $100 million to $130 million. Transition costs are also expected to be incurred over the next two years.
The transaction is subject to Marriott International and Starwood Hotels & Resorts Worldwide stockholder approvals, completion of Starwood’s planned disposition of its timeshare business, obtaining remaining regulatory approvals and the satisfaction of other customary closing conditions. Marriott and Starwood have each agreed to convene its respective stockholder meeting to consider the transactions contemplated by the amended merger agreement on March 28, 2016 and to immediately adjourn such meeting until April 8, 2016. Assuming receipt of the necessary approvals, the parties continue to expect the transaction to close in mid-2016. The break-up fee payable by Starwood in certain circumstances increased to $450 million from $400 million. In circumstances in which the termination fee is payable , Starwood would also be required to reimburse Marriott for up to $18 million of actual costs incurred by Marriott in connection with the financing of the transaction.
As announced on March 18, 2016, Starwood’s Board previously determined that the binding and fully financed proposal from a consortium consisting of Anbang Insurance Group Co., Ltd., J.C. Flowers & Co. and Primavera Capital Limited to acquire all of the outstanding shares of common stock of Starwood for $78.00 per share in cash constituted a “Superior Proposal,” as defined in the merger agreement. The Consortium’s proposal, together with the ILG transaction, have a combined current value of $83.83 per Starwood share. In connection with the amended merger agreement, Starwood’s Board of Directors has determined that the Consortium’s proposal no longer constitutes a “Superior Proposal”, and therefore under the merger agreement Starwood is no longer permitted to engage in discussions or negotiations with, or provide confidential information to, the Consortium. Starwood’s Board unanimously recommends the amended merger agreement with Marriott to Starwood’s stockholders.
When two houses shaped by centuries of heritage come together, the result is more than a collaboration: it is a sensorial journey. The St. Regis Maldives Vommuli Resort and Farina est. 1709, the world’s oldest fragrance house, have announced their exclusive partnership, transforming scent into extraordinary travel moments. Blending olfactory tradition with modern hospitality, the collaboration celebrates refinement, craftsmanship and a contemporary vision of luxury – shifting from superficial display to authentic, personal experiences that leave a lasting impression, set within one of the world’s most spectacular destinations.
To mark the beginning of the partnership, the island resort located in the Dhaalu Atoll introduces a curated series of offerings around the Easter season, bringing together fragrance, fine dining and meaningful encounters.
On April 1, an exclusive dinner inspired by the signature notes of the original Eau de Cologne translates the brand’s olfactory heritage into a refined gourmet experience. Each course reflects a distinct scent note: bergamot in ceviche with amberjack and black truffle, orange blossom with prawns, a refreshing lime and peach sorbet, lobster ravioli with grapefruit sabayon, as well as mandarin and vanilla in a delicate mille-feuille accented with lavender and jasmine. The menu unites fragrance and cuisine in a multisensory moment, complemented by carefully selected wines that enhance the aromatic profile of each course.
Throughout April, a bespoke signature cocktail inspired by the fresh, citrus-forward character of Eau de Cologne takes centre stage at the iconic Whale Bar, inviting guests to ease into the evening overlooking the Indian Ocean. The programme is further enriched by exclusive fragrance masterclasses for small groups, offering an intimate introduction to the art of perfumery.
In 1709, Johann Maria Farina laid the foundation of modern perfumery with Eau de Cologne, giving name to an entire fragrance category. Guided by Louise Farina, Managing Director and ninth-generation family member, guests discover the raw ingredients that define the original Eau de Cologne, learn how notes interact and explore how personal expression can be translated into scent. Participants refine the original fragrance base with selected essences, creating their own bespoke perfume – a keepsake that carries the spirit of the resort far beyond the stay.
The partnership is deeply rooted in the heritage of both brands. Caroline Astor, the grande dame of New York society and a defining figure behind the original St. Regis, understood fragrance as a powerful expression of identity, refinement and social ritual. In an era when scent was an essential marker of elegance, perfume accompanied every grand ball, salon gathering and moment of arrival. This appreciation for timeless fragrance lives on today through The St. Regis Maldives partnership with Farina est. 1709, whose heritage mirrors the brand’s own devotion to craftsmanship, tradition and modern luxury.
“When two houses with such strong heritage come together, something truly special emerges. The original Eau de Cologne is a cultural icon with over 300 years of history. This partnership allows us to present our heritage in a setting that itself stands for the highest standards, tradition and timeless elegance,” says Louise Farina.
Beyond the Easter season, the collaboration will remain a highlight of the year and continue in autumn as part of the 10th anniversary celebrations of The St. Regis Maldives Vommuli Resort. The programme will showcase new fragrances inspired by destinations across the globe, thoughtfully paired with curated culinary experiences where scent, wine and gastronomy converge. The journey is enhanced by exclusive, limited-edition keepsakes – personal treasures that carry the memory of the stay long beyond departure.
Vincent Pauchon, General Manager of the resort, comments: “We place great value on authentic, thoughtfully crafted experiences. Collaborating with Farina est. 1709 allows us to bring together fragrance and hospitality in a thoughtful way, drawing on shared values of heritage, craft and attention to detail. This partnership reflects our approach to offering our guests something distinctive, rooted in excellence and genuine storytelling.”
With this collaboration, The St. Regis Maldives Vommuli Resort and Farina est. 1709 set a statement for a form of luxury that is quiet yet impactful. Fragrance becomes the invisible signature of every stay – subtly present in every moment.
OBLU XPERIENCE Ailafushi invites guests, residents, and visitors to celebrate the holy month of Ramadan with meaningful Iftar gatherings, just a short 15-minute speedboat journey from Velana International Airport. Designed for colleagues, friends, and families to come together in a relaxed island setting, the resort offers a warm and welcoming atmosphere to share the blessings of the season over a thoughtfully curated Iftar spread.
Hosted daily throughout Ramadan, from 18th February to 19th March at Element X restaurant from 06:00 — 07:15 PM, the Iftar experience features an extensive buffet showcasing traditional Maldivian flavours alongside popular regional favourites. Guests can enjoy juice, dates, mixed dry fruits and nuts, yoghurt, Maldivian short eats, a selection of main courses, and desserts, offering a wholesome and festive dining experience in the spirit of Ramadan.
The experience is well suited for corporate gatherings and family groups, with special packages available for group reservations, and guests are encouraged to confirm their bookings at least 24 hours in advance. Convenient speedboat transfers make the island easily accessible for those joining the evening gathering.
This Ramadan, gather your loved ones and share the joy of togetherness over a memorable island Iftar experience at OBLU XPERIENCE Ailafushi.
For details and bookings, please call +960 934 2685 / +960 934 2550, or email fbreservations.ailafushi@coloursofoblu.com.
Kuda Villingili Resort Maldives has announced its Easter Celebration 2026 programme, inviting guests to experience a week of festivities inspired by the playful charm of Candy Land, reinterpreted through the resort’s signature approach to calm, space and understated luxury.
Located on a private island in North Malé Atoll, approximately 30 minutes by speedboat from Velana International Airport, the resort features 75 villas and residences designed to offer privacy and connection to the surrounding natural environment. The Easter programme has been structured to combine dining, wellness, family activities and ocean-based experiences.
The Easter calendar includes a series of themed dining events intended to bring families and friends together throughout the week. Guests will be able to explore curated culinary journeys such as Caravan of Flavours, Pan-Asian Voyage and the Easter Grapevine Dinner, each designed to showcase diverse global cuisines in a convivial setting.
A key highlight will be the Kuda Villingili Grand Easter Gala Buffet on Easter Sunday, featuring festive dishes, live cooking stations and live band entertainment. The celebration aims to serve as the focal point of the week’s activities.
For guests seeking a more relaxed island-style experience, the Surfside Sunset BBQ at Raalhu Bar will present flame-grilled specialities and fresh seafood against the backdrop of the Chickens surf break, accompanied by sunset views and live music.
Younger guests will also have the opportunity to participate in the Little Chefs of Kuda: Easter Baking Workshop, a hands-on culinary session designed to introduce children to baking in a playful environment.
Wellbeing remains central to the resort’s Easter offering. A series of wellness experiences will be available throughout the week, including sound healing sessions, Ocean Breeze Yoga conducted over the open sea, and guided yoga flows focused on balance and mindfulness.
These activities are designed to provide space for families, couples and friends to reconnect and mark Easter as a period of renewal and shared experience.
For guests interested in marine activities, MSTS Dive & Water Sports will offer a range of Easter-themed experiences. Young guests can explore introductory diving through the Seal Team for Kids programme, while families can participate in an Easter Kayak Race across the lagoon.
A customised Big Game Fishing experience will also be available for those seeking a more private excursion on the Indian Ocean.
At Kuda Fiyo Kids Club, the Candy Land theme will be brought to life through Easter egg hunts, baking sessions, arts and crafts, themed movie nights and games. The programme has been designed to provide structured activities for children while allowing parents time to relax.
With a combination of festive dining, wellness programming and ocean-based experiences, Kuda Villingili Resort Maldives’ Easter Celebration 2026 aims to offer a balanced island escape that blends seasonal celebration with tranquillity.
More information on the Candy Land Easter programme is available via the resort’s official brochure and website.
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