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.
Sirru Fen Fushi–Private Lagoon Resort invites guests to experience “Ocean Harmony”, its Summer 2026 programme celebrating nature, wellbeing, and togetherness through a curated collection of immersive island experiences.
Defined by understated luxury and a deep respect for the natural environment, this summer season encourages guests to slow down, reconnect, and embrace the rhythm of island life. Set within a thriving marine ecosystem, Sirru Fen Fushi continues to position itself as a sanctuary where conservation, wellness, and meaningful travel come together.
This year, the island’s surrounding waters have welcomed three remarkable sea turtle species – olive ridley, hawksbill, and green sea turtles – alongside successful nest hatchings, ongoing ghost net rescue efforts, and the continuation of coral planting initiatives. These commitments reflect the resort’s long-standing commitment to protecting and restoring its fragile marine environment.
A Summer Anchored in Nature and Celebration
The summer programme is highlighted by Wild Luxury Week (1–8 June), a dedicated period of sustainability-focused experiences aligned with global environmental dates including World Reef Awareness Day (1 June), World Environment Day (5 June), and World Oceans Day (8 June). The season continues with further global observances such as World Sea Turtle Day (16 June), World Whale & Dolphin Day (23 June), and World Manta Day (30 September), each offering moments of reflection and engagement with the ocean.
Throughout the summer, guests are invited to take part in meaningful activities designed to deepen their connection to the island and its ecosystem, including coral planting, turtle research, Coralarium discovery, and shark snorkelling experiences.
Wellness, Movement, and Island Energy
Wellbeing remains central to the Ocean Harmony experience, with daily opportunities for balance and renewal through sunrise and sunset yoga sessions, Sirry Fit Run, archery, and guided wellness activities. These experiences are designed to complement the island’s natural rhythm, encouraging guests to reconnect with themselves in an environment of calm and clarity.
Family Connection and Shared Discovery
Summer at Sirru Fen Fushi is also a season of togetherness, offering families a range of curated experiences that blend play, creativity, and exploration. From art and sustainability workshops to beach adventures, lagoon exploration, destination dining experiences, and cinema under the stars, each moment is designed to create lasting shared memories.
Dining Under the Stars and Island Moments
Guests can also enjoy elevated culinary experiences that bring people together in unique island settings, celebrating the simplicity of shared meals under open skies and the natural beauty of the Maldives.
A Continuing Commitment to the Ocean
“Ocean Harmony reflects our ongoing dedication to preserving the extraordinary ecosystem that surrounds our island,” said the resort’s management. “From coral restoration to marine life protection and immersive guest experiences, our focus remains on creating meaningful connections between people and nature.”
Sirru Fen Fushi continues to evolve as a destination where sustainability and luxury coexist, offering guests an authentic island experience rooted in care, purpose, and discovery.
For further information and reservations, please visit the resort’s website or contact reservations@sirrufenfushi.com.
Banyan Tree Vabbinfaru invites guests to discover an elevated dining journey at Saffron through an exclusive collaboration with Visiting Guest Chef Tipa, Head of Saffron at Banyan Group, who brings over a decade of culinary experience across Thailand and overseas.
Available from 17 June to 17 July 2026, A Southern Thailand Gastronomic Experience introduces a specially crafted, limited-time menu created exclusively for this one-month culinary collaboration. Designed as an immersive culinary journey at Saffron, the special menu presents a refined introduction of Southern Thailand’s rich culinary heritage through a contemporary lens.
Thoughtfully curated with harmony in taste, texture, and aroma, the menu celebrates Thai distinctive flavours through contemporary cooking techniques rooted in tradition. Signature highlights include Gai Yang Kor Lae, charcoal-grilled chicken served with Southern-style peanut sauce, and Gaeng Kiew Wan Nua, grilled beef tenderloin paired with aromatic green curry sauce.
Chef Tipa will be in residence at Saffron, Banyan Tree Vabbinfaru from 15–19 June, bringing her culinary expertise to the island. Throughout her career, she has played an important role in shaping distinctive restaurant experiences and championing evolving perspectives within Thai cuisine for many Banyan Tree resorts in Southeast Asian region.
Beyond the dining experience, guests may connect more closely with Chef Tipa through two exclusive Thai Cooking Classes on 17 and 18 June. Designed as engaging and hands-on sessions, the classes invite guests to discover authentic techniques and inspirations behind Thai cuisine while creating meaningful moments of cultural discovery.
Saffron, Banyan Tree’s signature Thai restaurant, was introduced to Banyan Tree Vabbinfaru in 2024 as part of the resort’s transformation, bringing a deeper exploration of Asian gastronomy to the island. The restaurant celebrates Thai cuisine through Saffron’s signature touches – from its welcoming hand-washing ritual to curated rice selections through the Rice Master experience – inviting guests into a deeper appreciation of Thai culture and cuisine.
As Banyan Tree Vabbinfaru continues to evolve its guest journey, culinary is an important part of the resort’s transformation. Following its 2024 renovation, the resort expanded its dining experiences to include three restaurants and two bars, creating a variety of flavours and experiences for guests.
A Southern Thailand Gastronomic Experience will be available at Saffron from 17 June to 17 July 2026, with Visiting Guest Chef Tipa at the resort from 15–19 June 2026.
For reservations and enquiries, please visit the resort’s website.
NH Collection Maldives Reethi Resort, a newly-opened sanctuary in the UNESCO-protected Baa Atoll, has introduced Caravela, an immersive culinary journey inspired by the great maritime expeditions that shaped global gastronomy.
Blending Spanish culinary heritage with Maldivian provenance, Caravela offers a multi-sensory journey where each course unfolds as a chapter in the story of exploration, trade and cultural exchange. The concept takes its name from the caravel, the agile Portuguese vessel that enabled pioneering voyages between the 14th and 17th centuries.
Designed as an intimate, dinner-only experience for up to 12 guests, Caravela centres around a communal table, fostering connection and shared discovery. The inaugural menu, The Atlantic Voyage of 1487, traces the route of early explorers who sailed from Iberia along the African coast towards the Cape of Storms in search of a sea passage to India.
The five-course menu opens with First Light of the Atlantic, crispy King Crab fritters with ikura and lime-yuzu vinaigrette, before moving into Winds of the Cantabrian Sea, a torched Maldivian tuna loin with escabeche and subtle Moroccan spices. Crossing the Madeira Currents follows with local job fish, confit plantain purée and a prawn coral tuile. A green apple sorbet, inspired by the Wambugu Apples of western Africa, serves as a palate cleanser before the main course, Benguela Shores at Dusk: a 12-hour sous vide pork belly glazed with smoky chilli and Spanish chorizo jus. The voyage closes with Triumphant Return to Iberian Coast, an olive oil cake with port wine and blood orange gel, encased in a sugar sphere inspired by the Armillary Sphere, a symbol of Portuguese navigation.
Petit fours of caramelised torrija, coffee chocolate bonbon and South African milk tart complete the evening, alluding to the upcoming voyage that discovered the Americas.
Caravela’s narrative-driven approach will continue to evolve as future voyages launch, including The Pacific Voyage of 1492 and The Indian Ocean Voyage of 1498. Each new menu will introduce a distinct flavour map, encouraging guests to return and explore the histories that shape modern cuisine.
The concept was created under the direction of Resort Manager Melroy Fernandes, in collaboration with the resort’s culinary team, drawing on a deep appreciation for the Age of Discovery. Fernandes, a Master Sommelier, has also curated a thoughtful wine pairing experience alongside the resort’s sommelier team to complement each course.
On the launch of Caravela, Fernandes said, “NH Collection Maldives Reethi Resort is designed for travellers seeking meaningful and memorable experiences. Whether exploring the natural wonders of the UNESCO Biosphere Reserve and nearby Hanifaru Bay or embracing the tranquillity of our island, Caravela offers a journey of a different kind, one that connects history, culture and cuisine in a truly immersive way.”
Caravela completes NH Collection Maldives Reethi Resort’s diverse dining portfolio, spanning all-day dining at Jumla, signature restaurants Alifaan and Kaiyo, beverage-led experiences at Atardecer, Handhuvaru, Madumaithiri and Splash Bar, and the Adrift destination dining concept.
The Atlantic Voyage tasting menu with wine pairings is priced at USD 190++ per guest and is available by prior reservation. For more information or to book, visit the resort’s website.
-
News1 week agoAdaaran Select Hudhuranfushi’s Mandara Spa expands wellness offering with athlete-inspired recovery treatments
-
Awards1 week agoSun Siyam Iru Veli recognised with 10 honours at Life Saving Leadership Awards
-
Action1 week agoThe Standard, Maldives launches guided manta ray excursions to Hanifaru Bay
-
Culture1 week agoEid al-Adha at JW Marriott Maldives Resort & Spa blends family togetherness with island luxury
-
News1 week agoCentara Mirage Lagoon Maldives introduces lagoon daycation package
-
Drink1 week agoAsia’s top mixology talent to lead cocktail takeover at JW Marriott Maldives Kaafu Atoll
-
Action5 days agoCanareef Resort highlights sea turtle conservation on World Turtle Day
-
Culture5 days agoCocoon Maldives brings Maldivian culture to life for Eid Al-Adha Celebrations