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.
Mandara Spa at Cinnamon Hakuraa Huraa Maldives has been awarded the Best Traditional Healing Spa 2026 title at the Luxuri Awards, recognising its consistent approach to wellness rooted in time-honoured practices and thoughtful guest care.
Set within the tranquil surroundings of Cinnamon Hakuraa Huraa Maldives, Mandara Spa has built a reputation for offering restorative experiences that draw on traditional Balinese healing techniques. The recognition reflects the team’s continued focus on creating a calm, unhurried environment where each treatment is delivered with care, precision, and attention to detail.
A secluded retreat within the island’s natural landscape in Meemu Atoll, the spa introduces a subtle touch of Bali through its open, calming design. Comprising four double treatment villas and a dedicated manicure and pedicure area, the space is designed to encourage guests to fully disconnect and unwind. The spa experience is shaped by a blend of signature Mandara Spa therapies and ELEMIS treatments, a British luxury skincare brand known for combining advanced scientific formulations with naturally derived ingredients.
This recognition at the Luxuri Awards 2026 highlights Mandara Spa’s ongoing commitment to delivering meaningful wellness experiences, while reinforcing Cinnamon Hotels & Resorts’ broader focus on thoughtful, experience-led hospitality across its Maldives portfolio.
For those looking to experience this award-winning wellness offering, Cinnamon Hakuraa Huraa Maldives is currently extending a seasonal offer with added travel benefits. Guests can enjoy complimentary round-trip domestic flight transfers on stays of seven nights or more, and complimentary one-way transfers for shorter stays. The offer is available for bookings made until 31 October 2026, with stay dates valid from 1 April 2026 to 31 October 2027.
The wait is over. The Standard, Maldives is set to celebrate the opening of Onda, a bold new Mediterranean dining destination redefining island dining, on 5 April 2026.
Designed for sharing, lingering, and celebrating, Onda brings a fresh rhythm to the island’s culinary scene, blending vibrant flavours with The Standard’s signature approach: elevated, expressive, and never overdone. Named after the Italian word for wave, Onda captures a sense of movement, flow, and effortless energy.
From the moment guests arrive, the restaurant invites them to let go of convention and lean into a dining experience that feels vibrant, relaxed, and deeply connected to its surroundings. This is Mediterranean cuisine stripped of pretence: bold, fresh, soulful, and designed to be shared.
A Concept Rooted in Flow and Freedom
Onda was conceived as an antidote to traditional resort dining. There are no rigid rituals here, no formal stiffness, just the pleasure of great food, good company, and a front-row seat to the Indian Ocean. The concept is built around the idea of flow: the flow of waves, of conversation, of plates moving effortlessly from kitchen to table.
“Onda is a pure expression of The Standard’s playful, unconventional spirit,” says Justin Swart, General Manager of The Standard, Maldives. “We didn’t want to create another ‘fine-dining’ restaurant. We wanted something alive, a place that feels exciting, approachable, and rooted in flavour. Our ambition is for Onda to be recognised as the best Mediterranean restaurant in the region, delivering not just incredible food, but an experience that’s energetic, flowing, and full of life.”
Guests can savour a selection of fresh creations, including Bouillabaisse Scampi, offering a harmonious balance of umami depth and the freshness of the sea; Red Snapper Crudo with Citrus and Daikon, highlighting the purity of Maldivian waters with subtle Mediterranean accents; and Wahoo Carpaccio with Black Pepper and Tomato, a familiar classic reimagined with vibrant simplicity and restraint. Each plate reflects a collective commitment to generosity, balance, and pleasure.
Design Inspired by a Day at Sea
The design of Onda mirrors the feeling of being out on the water. Light, open, and breezy, the space is shaped by natural textures, fluid lines, and an effortless indoor-outdoor connection. Every element, from the seating layout to the ocean-facing views, is designed to draw guests into the surrounding seascape.
As daylight fades, Onda transitions seamlessly from sun-lit lunches to golden-hour dinners, with the ocean setting the pace. The atmosphere is elevated yet easy, striking a balance between refined design and relaxed island energy, a signature hallmark of The Standard brand.
The People Behind the Plate
At the heart of Onda is a belief that memorable dining is shaped not only by what is served, but by the people who bring it to life. From the kitchen to the floor, Onda is driven by a team united by craft, curiosity, and a shared respect for ingredients, tradition, and the rhythm of island life.
Beyond the cuisine, it is the atmosphere and human connection that define the Onda experience. Service is guided by The Standard’s signature human touch: warm, intuitive, and genuinely attuned to each guest. The team moves with ease and personality, creating an environment that feels welcoming, relaxed, and alive, where energy flows naturally from table to table.
Completing the experience is a carefully curated beverage programme that mirrors the same sense of freshness and flow, ensuring that the spirit of Onda extends seamlessly from the first sip to the final moment. Together, the people behind Onda create an experience that feels purposeful yet effortless, rooted in connection, shaped by care, and designed to be shared.
A New Benchmark for Island Dining
Onda marks a new chapter for The Standard, Maldives, one that challenges expectations and sets a fresh benchmark for contemporary island dining. Guests and visitors are warmly invited to take their place at the table, share in the rhythm of Mediterranean flavours, and experience dining that is designed to be savoured, celebrated, and enjoyed together.
Whether for an intimate evening or a lively gathering, Onda welcomes all who appreciate good food, great company, and moments that linger long after the last bite. The new wave of Mediterranean dining has arrived at The Standard, Maldives. And Onda is here to stay.
COLOURS OF OBLU celebrates a triple distinction as OBLU NATURE Helengeli by SENTIDO and OBLU XPERIENCE Ailafushi have been honoured with the HolidayCheck Award 2026, recognising the resorts among the world’s best-rated accommodations based entirely on verified guest reviews, while OBLU SELECT Lobigili has been awarded the DERTOUR Red Star Quality Award 2025.
The recognition places Lobigili among the top 150 most popular hotels worldwide within the DERTOUR Group portfolio. DERTOUR, one of Germany’s leading tour operators, bases this award on direct guest feedback and booking performance, highlighting exceptional holiday quality and guest satisfaction.
The HolidayCheck Awards are among the most recognised accolades in the travel industry, honouring hotels and resorts worldwide that consistently receive outstanding guest feedback. Organised by HolidayCheck, one of the leading travel review platforms in Europe, properties recognised through the awards stand out for delivering exceptional holiday experiences, high service standards, and memorable stays for guests across global destinations.
OBLU NATURE Helengeli by SENTIDO, renowned for its thriving house reef and immersive diving experiences, achieved an impressive guest rating of 5.6 out of 6, reaffirming its status as one of the Maldives’ most loved island escapes. Guests praise its barefoot charm, warm hospitality, and easy access to vibrant marine life, while the resort’s ongoing coral restoration initiatives further enhance its commitment to preserving the rich underwater ecosystem, making it a favourite among nature lovers and underwater enthusiasts.
“We are honoured that OBLU NATURE Helengeli has been recognised with the HolidayCheck Award 2026. Known for its thriving house reef and authentic island charm, the resort offers guests a truly immersive Maldivian experience. This recognition from travellers is a testament to the dedication of our team and the unforgettable natural beauty that makes the island so special,” said Alain Trefois, General Manager, OBLU NATURE Helengeli by SENTIDO.
Meanwhile, OBLU XPERIENCE Ailafushi, just a short speedboat ride from Velana International Airport, achieved a strong guest rating of 5.4 out of 6, reflecting its growing appeal among families, couples, and groups. With its lively atmosphere, diverse dining, and value-driven offerings, the resort continues to attract travellers seeking fun, relaxation, and effortless island escapes.
In contrast, OBLU SELECT Lobigili offers a more refined, adults-only escape, designed for couples seeking privacy, romance, and elevated experiences, featuring the iconic ONLY BLU under ocean restaurant, further complementing the diverse appeal of the COLOURS OF OBLU portfolio.
“Receiving the Award is a proud moment for our team at Ailafushi. Alongside this, the recognition of Lobigili highlights our strong partnerships with German tour operators and our ability to consistently deliver experiences that appeals for this key market segment. Our goal has always been to create a vibrant and welcoming island escape where guests can relax, connect, and enjoy the Maldives in a fun and effortless way. This recognition, based on genuine guest feedback, means a great deal to us and reflects the passion our team brings to every guest experience,” added David Alan Burley, General Manager, OBLU XPERIENCE Ailafushi and OBLU SELECT Lobigili.
Complementing these achievements, this recognition further underscores Atmosphere Core’s strong partnerships with German stakeholders and its ability to consistently deliver experiences that resonate with this discerning market. Together, these accolades reflect the dedication of the exceptional teams across the portfolio, whose commitment to genuine hospitality and attention to detail continues to elevate guest experiences.
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