News

Marriott and Starwood sign amended merger agreement

Published

9 years ago

March 22, 2016

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.

Related Topics:Marriott International Starwood Hotels & Resorts

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Family

Exciting Easter adventures await families at Kandooma Maldives

Published

7 hours ago

April 1, 2025

m@ldives

Holiday Inn Resort Kandooma Maldives invites families to embrace the spirit of Easter with an exciting line-up of activities and themed experiences from 18 to 24 April 2025. Set on a private island in the South Malé Atoll, the resort offers the perfect setting for a memorable tropical Easter escape.

A Week of Wholesome Adventures at Kandoo Kids’ Club

The Easter celebrations centre around the Kandoo Kids’ Club, open daily from 8:00 am to 8:00 pm for children aged 4 to 12. Supervised by a caring and energetic team, it will offer a rotating schedule of themed activities, including nature exploration, wellness-focused fun, traditional Maldivian experiences, Easter celebrations, and ocean discovery that little VIPs will surely enjoy.

Island-Wide Easter Fun

Families can enjoy a week full of island-wide Easter activities. On Easter Sunday, 20 April, guests can participate in Easter card making, egg painting and decoration, and a festive Easter Egg Hunt. The evening will conclude with an International Easter Dinner Buffet at Kandooma Café, showcasing a diverse selection of global flavours, from roast lamb and seafood to bunny-themed treats and indulgent desserts.

Throughout the week, guests can also participate in various recreational activities, including sunset cruises, snorkelling adventures, volleyball matches, and an Easter-themed movie night under the stars.

Mark Eletr, General Manager of Holiday Inn Resort Kandooma Maldives, shared: “Easter is a time for families to come together, and at Kandooma, we’re proud to offer a setting where guests of all ages can connect, celebrate, and create special memories. Our team puts great care into crafting meaningful experiences, especially for our younger guests, and we’re excited to welcome families for a truly unforgettable Easter week.”

Plan the Perfect Family Escape

Families looking to make the most of Easter at Kandooma Maldives are encouraged to take advantage of the Family Getaway package. This special offer includes family-friendly accommodation, thoughtful amenities, memorable island experiences, and the added benefit of kids staying and dining for free. Terms and conditions apply.

For bookings and more information, visit https://maldives.holidayinnresorts.com/hotel-offers/family-getaway/. For the full Easter 2025 Brochure, visit https://holidayinn.aflip.in/HIRKM_EasterBrochure.html.

News

Celebrate sustainability, exclusive offers, meaningful connections at Banyan Tree Vabbinfaru, Dhawa Ihuru

Published

7 hours ago

April 1, 2025

m@ldives

Banyan Tree Vabbinfaru and Dhawa Ihuru, renowned for their luxury hospitality and sustainability ethos, continue to set benchmarks in eco-luxury experiences, community engagement, and environmental stewardship.

Banyan Tree Vabbinfaru Named Top 10 Maldives Resort by DestinAsian 2025

Banyan Tree Vabbinfaru has been honoured as one of the Top 10 Best Maldives Resorts at the prestigious DestinAsian Readers’ Choice Awards 2025, voted by luxury travellers from Asia-Pacific region. This accolade underscores the resort’s commitment to delivering authentic barefoot eco-luxury experiences while championing environmental conservation and fostering deep connections within the local community.

Exclusive Offer: Stay More, Pay Less, Save up to 30%

Guests planning an extended tropical getaway can now take advantage of the enticing “Stay More, Pay Less” offer available at both Banyan Tree Vabbinfaru and Dhawa Ihuru. This special promotion invites travellers to indulge longer in unparalleled luxury and experience the Original Maldives while enjoying savings of up to 30%, 100 USD resort credits along with other additional exclusive benefits. Full details of these exceptional offers can be found on the resorts’ official websites:

A Memorable Media Iftar Gathering

On 20 March 2025, Banyan Tree Vabbinfaru and Dhawa Ihuru proudly hosted a special Media Iftar Gathering to express heartfelt appreciation for the immense contributions of local media partners. The evening commenced with a warm Iftar at Sangu Garden, followed by a tranquil gathering at Madi Hiyaa – paying tribute to the media’s vital role in shaping and promoting Maldivian tourism both locally and beyond.

Honouring Earth Hour 2025

Reflecting a profound commitment to sustainability, Banyan Tree Vabbinfaru and Dhawa Ihuru joined millions worldwide in observing Earth Hour on 22nd March. Guests and associates began the evening with a serene sunset meditation. Following this peaceful reflection, a soulful acoustic performance illuminated by candlelight captivated attendees. As the resort lights dimmed, the shoreline came alive with beautifully illuminated 60+ signage, symbolising global unity in conservation and underscoring the powerful impact of collective, purposeful action.

Community Clean-up at Huraa Island

Reaffirming their dedication to environmental stewardship, associates and guests from both resorts joined the local community on Huraa Island for a significant clean-up effort. Working closely with the Huraa island council and local residents, the enthusiastic team collected nearly 100 kilograms of waste from critical mangrove areas. This monthly initiative reflects Banyan Tree Group’s ongoing commitment to “Embracing the Environment,” consistently demonstrated over the past 30 years.

Empowering Future Conservationists

In support of cultivating the next generation of marine conservationists, Banyan Tree Vabbinfaru hosted an educational visit from Himmafushi High School. Students and teachers participated in an interactive coral biology workshop, which included insightful sessions on the “Story of the Maldives,” marine conservation, and practical coral micro-fragmentation training. The programme concluded with students planting 110 coral fragments in the resort’s nursery, reinforcing their role as future environmental stewards.

Whether you’re seeking serene sanctuary, enriching experiences, or a deeper connection with the natural world and your loved ones, Banyan Tree Vabbinfaru and Dhawa Ihuru invite you to escape, explore, and rediscover the Original Maldives in barefoot eco-luxury.

Drink

Le Méridien Maldives Resort’s La Vie: Reimagined adults-only bar, pool experience

Published

7 hours ago

April 1, 2025

m@ldives

Le Méridien Maldives Resort & Spa unveils La Vie, a refreshed concept for its adults-only bar and pool, formerly known as Riviera Bar. Framed by breathtaking ocean views, La Vie embodies the French philosophy that “life is too short to drink bad wine,” offering a refined yet relaxed escape for guests to Savour The Good Life.

Nestled along the pristine shores of Thilamaafushi Island in the Lhaviyani Atoll, La Vie invites guests to indulge in a thoughtfully curated selection of rosé wines and rosé-inspired cocktails, perfectly capturing the vibrant essence of golden hour. Adding a touch of indulgence, the signature Sidecar Sorbet, a refreshing rosé-infused treat, offers a delicate balance of flavour and a cool escape from the tropical warmth.

At Le Méridien Maldives, every moment is worth savouring, from everyday connections to life’s most special celebrations. La Vie is an invitation to embrace the French joie de vivre and appreciate life’s simple pleasures. Whether lounging by the pool or soaking in the beachfront serenity with a crisp glass of Whispering Angel rosé, La Vie is a destination designed for leisurely indulgence.

For a more immersive experience, Rosé + Petit Plates introduces an experiential dining concept where bite-sized dishes are expertly crafted to pair with select rosé wines. Designed for sharing, this culinary journey encourages guests to discover a variety of flavours, from exquisite Gambas Al Pil, to sharing platters and Patatas Bravas with a signature twist — making each visit to La Vie a celebration of taste, connection, and discovery.

As the sun dips below the horizon, La Vie transforms into the ultimate golden hour retreat. Guests can sip on chilled rosé, soak in the stunning Maldivian sunset, and enjoy live music performances that set the tone for a sophisticated yet laid-back evening. Elevating the experience, exclusive happenings such as Sip & Paint sessions invite guests to unleash their creativity while enjoying handcrafted cocktails and curated offers.

Maintaining its adults-only exclusivity, La Vie provides a stylish yet effortless setting for guests to unwind and embrace the serene spirit of the Maldives. Whether seeking a tranquil afternoon or an enchanting evening under the stars, La Vie at Le Méridien Maldives Resort & Spa is where indulgence meets inspiration.

This summer, Le Méridien Maldives invites guests to embrace the season in an idyllic island setting. A tropical retreat where European elegance meets Maldivian charm, the resort caters to couples, families, and solo travellers alike, offering a perfect balance of relaxation and adventure. From world- class diving and marine discoveries to exceptional dining and cultural experiences, every guest can find their own slice of paradise. Amidst it all, La Vie stands as the ultimate serene escape, inviting guests to slow down, sip, and savour every golden moment.