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.
Action
Consistently awarded, beyond compare: Machchafushi Island Resort’s house reef

Recently recognised among the Best House Reefs in the Maldives by the Travel + Leisure Luxury Awards Asia Pacific 2025, the house reef at Machchafushi Island Resort & Spa, The Centara Collection (formerly known as Centara Grand Island Resort & Spa), offers an extraordinary experience for divers and snorkelers alike. The South Ari Atoll in the Maldives is renowned for its exceptional diving sites, snorkelling, and marine adventures, and the resort’s house reef only enhances this natural beauty with its rich marine biodiversity, thriving coral gardens, and easy access from the shore.

The Machchafushi house reef is approximately five times larger than the island itself, encircling a breathtaking lagoon. Most of the coral reef lies on a gentle slope, descending to depths of 15 – 20m, where it then flattens out into a sandy seabed. At around 30m from the top of the reef, guests can explore a remarkable shipwreck. This sunken treasure is home to a variety of marine species, including glassfish, stonefish and nurse sharks.
Among the largest coral species found on any house reef, the Machchafushi house reef is home to rare varieties such as Acropora granulosa and Acropora latistella, found exclusively on the wreck. The surrounding coral gardens showcase vibrant Blue Coral and Staghorn Coral, creating a stunning display of marine biodiversity.

Marine life thrives around the house reef, with seven resident Nurse sharks, including three adults, one sub-adult, and three juveniles. White Tip Reef sharks, the most curious of the reef’s sharks, are often seen coming close to snorkelers and divers. Other notable species include
Black Tip sharks, Lemon sharks, Leopard sharks, Guitar sharks, and various rays. The Black Blotched Stingrays, known for their friendly nature despite their large size, are a common sight, especially around feeding areas and the reef’s shallow waters. The barbless male rays are particularly known for their gentle interactions with guests.

Sustainability is at the heart of Machchafushi Island Resort’s philosophy. Coral protection, reef conservation, and restoration projects are continuously rolled out, ensuring that the house reef remains a thriving ecosystem for future generations. Guests are regularly educated about the reef’s delicate ecosystem, its abundant marine life, and the resort’s ongoing efforts to promote sustainable practices.
Sharing his views, Cluster General Manager of Machchafushi Island Resort and Spa, Francesco Pompilio said, “This honour reflects not only the natural beauty of our house reef, but also the unwavering commitment of our team to its protection and preservation. Sustainability is at the heart of everything we do, and we remain dedicated to safeguarding this vibrant marine sanctuary for generations to come. We are deeply grateful to our guests for their continued trust and patronage.”

Experience the awe-inspiring beauty of Machchafushi Island Resort’s house reef, where exceptional diving, vibrant coral gardens, and abundant marine life meet, all set against the backdrop of the Maldives’ unparalleled natural beauty.
Cooking
Jumeirah Olhahali Island welcomes Shimmers’ Chef Emanuele for exclusive culinary residency this July

Jumeirah Olhahali Island has announced a culinary residency in collaboration with Chef Emanuele De Leo, Head Chef of the award-winning Shimmers at Jumeirah Mina Al Salam in Dubai. Taking place from 7 to 10 July 2025, this exclusive experience will bring the vibrant flavours of the Mediterranean to the Maldives through a specially curated tasting-style menu.
Following a stint as Sous Chef at L’Olivo at Al Mahara, the two Michelin-starred restaurant at Jumeirah Burj Al Arab, Chef Emanuele took up his position as Head Chef at Shimmers in 2023. There, he leads the kitchen, where his menu pays homage to his Sicilian heritage, while embracing bold, contemporary interpretations of classic Mediterranean cuisine. Under his direction, Shimmers has earned recognition from Gault&Millau UAE in 2025, a testament of the restaurant’s elevated dining experience and Chef Emanuele’s distinctive culinary vision. With a strong focus on seasonality, he draws inspiration from the freshest market produce, transforming each ingredient into flavour-driven, elegantly presented creations.

For his residency at Jumeirah Olhahali Island, Chef Emanuele has crafted a bespoke menu that fuses Greek influences with his Sicilian roots, showcasing refined coastal flavours and thoughtfully sourced seasonal ingredients. In true Shimmers fashion, the evening will be presented as a series of small, shareable plates, designed to bring guests together around the table. Highlights include a fresh cauliflower salad, zingy tuna tartare, and grilled octopus with Santorini fava. These are followed by indulgent mains such as slow-braised beef cheek paired with celery purée and red wine jus, alongside orzo with red prawns, lemon, and caviar. The experience concludes, with a duo of desserts: Greek yoghurt ice cream and orange crème brûlée, offering a refreshing and indulgent finale.
The exclusive dinner experience with Chef Emanuele is priced at USD 195 plus taxes per person. For more information or to reserve, visit the Jumeirah Olhahali Island website here.
Drink
Cellar of quiet distinction: Vakkaru Reserve wins fifth Wine Spectator Award

At Vakkaru Maldives, wine isn’t merely served — it is curated, conversed with, and quietly revered. This has led to the resort’s European wine cellar, Vakkaru Reserve, being awarded Wine Spectator’s Best of Award of Excellence for the fifth year — the only resort in the Maldives to have done so.
Vakkaru Reserve, an intimate, striking space at the heart of the island, houses 620 labels selected with care by Head Sommelier Retheesh Kakkareth Mohanan and Assistant Sommelier Vasantha Kumar Nadarajah. Some stars in the collection favour narrative as much as provenance: a Château Cheval Blanc Premier Grand Cru Classé A trio from 1983, 1985 and 1990; Château Mouton Rothschild Pauillac 2009; Krug Clos du Mesnil Blanc de Blanc Brut 2002 and Château Pavie 1982, each one a vignette of a time and place, waiting to be uncorked.
“Our intention with Vakkaru Reserve has never been to impress with excess,” says Teddy Susanto Wiryawan, General Manager of Vakkaru Maldives. “Instead, it’s about assembling a collection that invites reflection, wines that linger in the mind as much as on the palate. This fifth award is not a milestone, but a reminder to keep listening to winemakers, regions, and the guests who come here seeking something they can’t find elsewhere.”
In a setting where time is allowed to stretch and the pace remains unhurried, the wine experience is naturally immersive. Vakkaru’s cellar hosts guided tastings, bespoke pairings, and a distinctive offering — a Wine & Chocolate Pairing Experience, where artisanal chocolates crafted in-house are paired with wine labels in unexpected harmony. Think Yuzu and Matcha Bonbon with Sauvignon Blanc, or an Espresso Bonbon set against a Tawny Port, delicious, deliberate acts of indulgence.
Vakkaru Reserve remains a quiet benchmark for those who appreciate depth over display. In this place of timelessness, let your wine journey stand less on ceremony, and more on memory and discovery.
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