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.
Cooking
W Maldives welcomes acclaimed ‘Dessert King’ Reynold Poernomo for Flavours Unscripted culinary takeover
W Maldives is turning up the flavor dial this August with a high-profile culinary collaboration that is equal parts bold, artful, and wildly indulgent. As part of the resort’s Dare To Taste programming under the Flavors Unscripted series, W Maldives will welcome acclaimed chef and culinary creative Reynold Poernomo for a two-part takeover on August 10 and 12, 2025. This exclusive collaboration is set to redefine island dining—one plate at a time.
Born in Indonesia and raised in Sydney, Chef Reynold is no stranger to pushing culinary boundaries. A self-taught prodigy who rose to fame as a finalist on MasterChef Australia, he quickly became known as the nation’s “Dessert King” for his intricate, art-driven creations. In 2016, he co-founded KOI Dessert Bar with his family, which has since become one of Sydney’s most iconic culinary destinations with a cult following. The brand expanded in 2017 with KOI Dessert Kitchen, a production space that also hosts exclusive masterclasses and guest chef collaborations. Reynold’s approach to food is anything but ordinary—his plates are immersive, imaginative, and unapologetically bold. This August, he brings that same creative fire to W Maldives.
The main event unfolds on August 12, when guests will have the rare opportunity to experience Chef Reynold’s culinary artistry firsthand at FISH, the resort’s signature overwater venue renowned for its sustainable ocean-to-table fine dining. For one night only, Chef Reynold will present a specially curated three-course dinner inspired by island ingredients, global technique, and his unmistakable visual flair. Guests can expect bold plating, layered flavors, and a few unexpected turns—this is Reynold unleashed, Maldives-style.
As part of this exclusive collaboration, W Maldives presents Marriott Bonvoy Moments–a once-in-a-lifetime experience for members to bid on a Private Castaway Dining Experience with Chef Reynold, paired with a luxurious four-night villa stay in a Premier Overwater One-Bedroom Villa from August 9 to 13, 2025. The package includes roundtrip shared seaplane transfers from Velana International Airport, daily breakfast, and a one-time signature treatment at AWAY Spa for the bid winner and their guest.
The highlight of the stay begins on August 10, with an intimate starlit dinner on Gaathafushi, W Maldives’ private castaway island, where Chef Reynold will personally host and curate a bespoke tasting menu. On August 12, the duo will receive front-row seats to his culinary showcase at FISH. With only one package available, anticipation is high and competition will be fierce.
To mark the collaboration, Chef Reynold will also unveil an exclusive signature dessert, created just for W Maldives and available on the menu for six months following his visit. Daring, decadent, and destined to be the most photographed dish on the island, it is a lasting tribute to this unforgettable partnership.
“There’s something electric about the Maldives—its textures, its moods, its light,” said Chef Reynold Poernomo. “This menu is my response to that. A dreamscape of flavor brought to life through technique, imagination, and a little island heat.”
Amila Handunwala, General Manager of W Maldives, added, “At W Maldives, we’re all about pushing boundaries—on the plate, behind the bar, and in the guest experience. Reynold brings a daring, creative energy that aligns perfectly with our vision. This isn’t just a dinner; it’s a story told in flavor.”
This collaboration is part of Flavors Unscripted, W Maldives’ platform for culinary expression where global tastemakers meet untamed island creativity and nothing is ever scripted. It is food without rules. Flavor without borders.
Tucked away in the heart of the North Ari Atoll and a 25-minute scenic seaplane journey from Velana International Airport, W Maldives is a bold luxury escape featuring 77 private villas—each with a plunge pool and unobstructed access to the Indian Ocean. Following a recent design refresh, the resort seamlessly blends contemporary luxury with the island’s raw natural beauty.
Members can now bid for a Private Castaway Dining Experience with Chef Reynold Poernomo and a four-night stay at W Maldives until July 21, 2025 through Marriott Bonvoy Moments.
Guests looking to stir things up in paradise can book the Stay, Dine, and Fly package, which includes daily breakfast, a three-course dinner, and roundtrip seaplane transfers. For more information, visit www.wmaldives.com or contact reservations.wmaldives@whotels.com.
JOALI Maldives has been named the #1 Resort in Asia and #7 Resort in the World in the prestigious Travel + Leisure World’s Best Awards 2025, reaffirming its place as one of the leading luxury destinations globally and the hallmark of excellence of the Maldives.
Each year, Travel + Leisure readers rate the world’s most exceptional hotels based on rooms and facilities, location, service, food, and overall value. JOALI Maldives’ consistently high ratings reflect an enduring commitment to thoughtful luxury and heartfelt guest experiences.
With an outstanding score of 99.46 this year, the resort stands among the highest-rated properties in the world in this year’s Travel + Leisure World’s Best Awards. Guests praised every element of the experience, from the design of the villas to the warmth of the service, with one reader declaring Saoke, the resort’s signature Japanese restaurant, as “the best food in the world.” This level of acclaim reflects not only exceptional facilities, but also the resort’s unwavering commitment to curating personalised, soulful journeys for every guest.
This award adds to an ever-growing list of honours for the resort. JOALI Maldives has proudly upheld Forbes Five-Star status consecutively, has been celebrated in the Condé Nast Traveller Readers’ Choice Awards most recently as the #1 Resort in the Indian Ocean, and continues to earn praise in Tripadvisor’s Travellers’ Choice Awards and previous editions of Travel + Leisure’s World’s Best.
“We are truly humbled by this recognition from Travel + Leisure readers,” says Shifaz Hassan, General Manager of JOALI Maldives. “It’s especially meaningful because it comes from our guests — many of whom return year after year, sharing heartfelt feedback about our island. Our team works with quiet dedication to anticipate needs, honour privacy, and create moments of true joy. The recognition reflects the connections we have built with our guests, and I am immensely proud of this achievement”
A beacon of creativity and conscious living in the Maldives, JOALI continues to elevate luxury hospitality by meaningfulness, beauty, and soul.
Villa Resorts has been recognised in the TopHotels “Top 100 Hotels of the Year 2024” list, with two of its properties, Villa Park and Villa Nautica, featured among the highest-rated hotels based on guest reviews from Russia and the CIS.
TopHotels is one of the most widely used hotel review platforms among Russian-speaking travellers, and its annual ranking reflects feedback from thousands of verified guests. Earning a place in this list highlights the strong appeal of Villa Resorts’ offerings in these markets and the high level of satisfaction experienced by guests throughout the year.
Villa Park, located in South Ari Atoll, is well known for its lush landscapes, vibrant marine life, and wide range of activities suited for families, couples, and nature enthusiasts. Villa Nautica, situated near Malé, offers a more energetic island setting with beachfront villas, lively experiences, and a relaxed yet refined atmosphere.
While each resort offers something unique, both share the brand’s signature focus on heartfelt service, comfortable luxury, and a strong sense of place inspired by the Maldives.
This recognition reflects Villa Resorts’ longstanding relationship with guests from Russia and the CIS. The brand has continually invested in understanding the needs of these travellers, offering multilingual support and culturally considerate service across its properties.
With roots in the Maldives since the early 1980s, Villa Resorts remains one of the country’s most established hospitality brands. This recent acknowledgment from TopHotels reinforces its position as a trusted choice for international travellers seeking authentic island experiences grounded in comfort, care, and connection.
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