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Marriott and Starwood sign amended merger agreement

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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.

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Tiny flippers, big journey: sea turtles hatch at Alila Kothaifaru

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A magical scene is unfolding at Alila Kothaifaru Maldives, as the island becomes a nurturing ground for the next generation of marine life — sea turtle hatchlings. With four active nests currently incubating, guests and marine enthusiasts alike are eagerly anticipating the emergence of these tiny creatures, expected to align with the next full moon.

Following a recent successful hatching, the remaining three nests have been identified as belonging to Green Sea Turtles — one of the largest sea turtle species inhabiting tropical and subtropical waters. Renowned for their smooth, heart-shaped carapaces and their herbivorous diet of seagrass and algae, these gentle marine giants play a vital role in sustaining healthy coral reefs and marine ecosystems. One additional nest is believed to belong to a Hawksbill turtle, although this has yet to be confirmed.

“Sea turtles are fascinating creatures. They lead largely solitary lives and migrate thousands of kilometres between their feeding and nesting grounds,” explains Fernanda Cortina Escalante, the resort’s resident Marine Biologist. “It’s incredibly special to witness this phase of their life cycle so closely here on our island.”

Turtle reproduction is an intricate and delicate process. These ancient mariners return to the very shores on which they were born to lay their eggs, usually under the cover of darkness. Female turtles dig nests in the sand, where the eggs incubate for 45 to 70 days before the hatchlings instinctively head towards the sea.

Green Sea Turtles can live between 60 and 80 years, grow up to 1.5 metres in length, and weigh as much as 300 kilograms. Their remarkable physiology allows them to hold their breath for up to five hours while resting, an impressive adaptation to life in the ocean.

“Hosting these nests provides us with a unique opportunity to educate guests about sea turtle conservation and promote greater awareness of marine biodiversity,” says Camille Berger, Euro-Divers Manager at Alila Kothaifaru Maldives. “We feel fortunate to share this meaningful experience with guests from across the globe.”

The resort places a strong emphasis on conservation, working closely with its in-house marine biologist to monitor and protect the nesting sites.

“A new generation of sea turtles has officially embarked on its journey into the ocean, with 61 tiny hatchlings recently making their way from nest to sea,” shares Thomas Weber, General Manager of Alila Kothaifaru Maldives.

“Moments like these remind us of both the beauty of nature and the responsibility we bear in preserving this extraordinary ecosystem. It is a true honour to be part of the journey of these magnificent creatures.”

Guests staying at the resort may have the rare opportunity to witness a live hatching — an unforgettable experience of nature at its most raw and awe-inspiring.

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Island traditions shine at Nova Maldives’ Maldivian magic festive programme

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This festive season, Nova Maldives is set to welcome travellers with ‘Maldivian Magic – A Festive Fusion,’ a curated programme running from 21 December 2025 to 7 January 2026. Rooted in over 2,500 years of Maldivian heritage, the soulful celebration draws inspiration from the nation’s seafaring past, storytelling traditions, and rituals centred on joy and connection.

The festive itinerary invites guests to immerse themselves in enriching experiences that blend the serenity of the sea with vibrant seasonal celebrations. Morning adventures include Ocean Glides with Koamas—a thrilling jet ski excursion to encounter dolphin pods in their natural habitat—and snorkelling trips to observe whale sharks and manta rays in their graceful element. Those seeking a more tranquil experience may embark on a Private Catamaran Sunset Cruise, ideal for couples or friends, offering unhurried sails across turquoise waters under golden skies.

Evenings present further marine exploration, with night snorkelling sessions offering glimpses of nocturnal marine life—baby reef sharks, crustaceans, and colourful reef fish—bringing the quiet enchantment of the ocean to life after dark.

Gastronomy plays a central role in the celebrations, with a culinary theme titled “Taste of the Atolls.” At Wink Bar each afternoon, guests may join Elixirs of the Isles—a creative mixology class using local fruits and botanicals. Mizu, the resort’s overwater teppanyaki venue, hosts an Ocean Umami dinner experience that combines Japanese precision with Maldivian flavours. Meanwhile, FLAMES offers a Maldivian Fishermen’s Feast—a beachside seafood extravaganza accompanied by bubbles and live island music.

Adding a cultural touch to the culinary journey is Malaafaiy Keyn, a seasonal dining experience showcasing traditional Maldivian cuisine. Served on a handcrafted malaafaiy platter, the dish includes fragrant rice, spiced curries, and heritage side dishes, all enjoyed in a bespoke Mauloodh Haruge dining hall—creating a bridge between the past and present.

For guests seeking serenity, the Private Finolhu Sandbank Escape provides an opportunity to retreat to a white-sand islet. Here, chilled Prosecco, curated canapés, and the gentle rhythm of waves set the tone for a tranquil afternoon, perfect for individuals, couples, or anyone wishing to recharge.

At EsKape Spa, seasonal wellness offerings include the Kaashi Naashi Ritual, a rejuvenating treatment using coconut oil and shells, concluding with a soothing head massage. Also available is the Soulful Healing through Dhivehi Beys—a restorative oil massage incorporating local herbs, spices, and virgin coconut oil, drawing on ancestral knowledge and therapeutic practices to harmonise body and spirit.

The celebration begins with the Grand Christmas Tree Lighting, a starlit gathering filled with carols and island traditions. On Christmas Eve, guests are treated to a fire show and beach party, followed by a Gala Dinner featuring both Maldivian specialities and festive classics. Christmas morning sees Santa Claus arriving at Wink Beach, met with handcrafted cocktails and sweet treats to delight guests of all ages.

The New Year’s Eve festivities conclude the season in spectacular fashion, with a fireworks display and an evening of live music, DJ performances, and festive cocktails. On New Year’s Day, guests are invited to ease into 2026 with the First Brunch of ’26—a leisurely affair featuring live cooking stations and flavourful dishes in a sunlit, relaxed setting.

“Our festive offerings go beyond seasonal cheer,” says Abdulla Aboobakuru, General Manager at Nova Maldives. “They embody the island’s rich cultural heritage, creating immersive moments of joy, tradition, and meaningful connection.”

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NH Collection Maldives Havodda Resort celebrates two years of extraordinary hospitality

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NH Collection Maldives Havodda Resort has marked its second anniversary since becoming part of the NH Collection brand by Minor Hotels. Operating under the upper-upscale NH Collection label since 1 August 2023, the resort has continued to offer immersive guest experiences shaped by the spirit of the Maldives and NH Collection’s commitment to premium service and genuine hospitality.

The anniversary offers a moment to reflect on the resort’s journey in elevating standards while preserving the elements that guests have always cherished: untouched natural surroundings, sincere service, and peaceful seclusion. Over the past two years, the resort has established itself as a sanctuary for couples, families, and solo travellers seeking comfort, exploration, and meaningful connection.

In line with the NH Collection’s ethos to ‘Feel the Extraordinary,’ the resort has embraced a philosophy of exceeding expectations. The team has prioritised delivering seamless stays enriched by thoughtful details, warm hospitality, and inspiring environments. Enhancements have included revitalised dining experiences and updated wellness offerings, all carefully curated to help guests savour every moment.

Key developments over the two-year period include the continued provision of five-star service in a premium setting, the addition of multilingual team members to cater to an international clientele, a strengthened commitment to eco-conscious practices in line with the brand’s sustainability goals, and a refreshed visual identity across both digital and physical touchpoints.

As NH Collection Maldives Havodda Resort enters its third year under the brand, it remains dedicated to refining its signature experience—a harmonious blend of natural beauty, understated elegance, and attentive care.

Reflecting on the occasion, General Manager Frans Westraadt remarked, “Every anniversary is a reminder of what we stand for. We are proud of how far we’ve come in delivering extraordinary stays while staying true to our values. The trust of our guests and the dedication of our team are what fuel us.”

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