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.
Wellness Week kicks off at Sun Siyam Olhuveli from 14 to 20 June 2026, inviting guests into a vibrant celebration of movement, mindfulness, and island energy led by wellness practitioners Marina Pavlenko and Nour Montasser. The immersive residency transforms Sun Siyam Olhuveli, the Lifestyle Collection under the House of Siyam, into a vibrant space where sunrise workouts, oceanfront rituals, and restorative experiences unfold naturally across days shaped by wellness, movement, and meaningful connection.
Set across the resort’s three island setting surrounded by endless ocean views and open skies, Wellness Week at Sun Siyam Olhuveli moves beyond traditional wellness retreats. Mornings begin with energising yoga and Pilates sessions designed to strengthen the body and build awareness through movement, while sunset experiences shift into slower, more reflective moments with ocean sound journeys, meditation gatherings, crystal bowl sessions, yoga Nidra under the stars, and immersive rituals that encourage guests to reconnect with themselves in a more intentional way. The programme also includes vision creation workshops and guided experiences blending movement, sound healing, journaling, and mindful reflection.
Leading the residency is Marina Pavlenko, a Yoga and Pilates instructor and integrative health coach with more than a decade of experience in the UAE wellness space. Known for her approach that combines Yoga, Pilates, strength training, and nervous system work, Marina’s sessions focus on mobility, core strength, vitality, and creating a body that supports modern lifestyles with energy and balance. Alongside her is Nour Montasser, a certified sound healer, transformational life coach, and space holder whose work centres around creating safe and meaningful environments where individuals can slow down, reflect, and reconnect inwardly.
“Today, wellness is no longer about slowing down alone. It is about finding moments that make you feel alive, connected, and fully present,” said Hassan Adil, General Manager of Sun Siyam Olhuveli. “This residency brings together movement, energy, mindfulness, and the beauty of island living in a way that feels immersive and uplifting. We want guests to leave not only feeling restored but inspired by the experiences they shared here.”
Designed to feel vibrant, social, and experience led, Wellness Week captures a more contemporary side of wellbeing at Sun Siyam Olhuveli. Guests can move from sunrise sessions by the ocean to evenings filled with sound healing beneath the stars, all while embracing the naturally active spirit of island life. Whether travelling solo, as couples, or with friends, the residency invites guests to experience wellness not as routine, but as something alive, uplifting, and deeply woven into every moment of the stay.
As Paradise of Plenty, Sun Siyam Olhuveli invites guests to embrace a more vibrant way to escape where movement, connection, island living, and wellbeing come together in experiences designed to energise, restore, and inspire.
To discover Wellness Week and plan your stay, please visit the resort’s website.
This Eid Al-Adha, Crossroads Maldives invites families, residents and visitors to experience a vibrant celebration across the destination, with festive experiences taking place at SAii Lagoon Maldives, Curio Collection by Hilton, Hard Rock Hotel Maldives and The Marina at Crossroads Maldives.
Bringing together island leisure, family-friendly entertainment, beachside dining and lively social experiences, Crossroads Maldives promises an unforgettable Eid atmosphere for both in-house guests and local visitors alike.
Leading the celebrations, the newly refreshed SAii Beach Club at The Marina has unveiled its special Eid Al- Adha Family Packages, available from 20th May to 31st May 2026, offering the perfect seaside getaway for families looking to celebrate together during the festive season.
The Family Meal Package, priced at USD 130 net for two adults and two children, includes a complete Beach Club experience with meals at Beach Club outlets, soft beverages during meals, 30% savings on beverages and the Gelato Bar, full Beach Club access including pool and changing facilities, recreational activities, beach games, kids’ activities, live entertainment and complimentary Wi-Fi.
For guests looking to enjoy the facilities and festive atmosphere throughout the day, the Family Beach Club Entrance Package, priced at USD 30 net for two adults and two children, offers Beach Club access alongside 30% savings on food and beverages, live entertainment, recreational activities and complimentary Wi-Fi.
Adding to the festive excitement, guests can also enjoy lively karaoke sessions and exciting entertainment experiences at Hard Rock Cafe Maldives, located within The Marina and easily accessible to locals and expatriates visiting Crossroads Maldives. Known for its vibrant atmosphere and waterfront setting, the venue will feature engaging Eid experiences perfect for families and groups of friends looking to celebrate in true Hard Rock Cafe style.
Across the destination, visitors can look forward to traditional festive Eid Al Adha entertainment, family activities, beachside moments, live music and interactive experiences, creating a lively and welcoming Eid atmosphere throughout the holiday period.
“We are delighted to welcome families, residents and visitors to celebrate Eid Al-Adha across Crossroads Maldives, where the spirit of togetherness comes alive through entertainment, dining and shared experiences,” said Alexander Traeger, General Manager of SAii Lagoon Maldives, Curio Collection by Hilton and Crossroads Marina. “From family-friendly experiences at SAii Beach Club to vibrant Eid traditions, karaoke sessions and live entertainment across the destination, our aim is to create a festive and welcoming atmosphere that is accessible to both our resort guests and the local community, making Crossroads Maldives a place where everyone can come together and celebrate the joy of Eid.”
Located just 15 minutes by speedboat from Velana International Airport and 30-minute complimentary ferry ride from Male’, Crossroads Maldives continues to position itself as one of the Maldives’ most accessible lifestyle destinations, seamlessly blending resorts, dining, entertainment and family-friendly experiences all within one connected destination.
Sun Siyam Iru Veli, part of the Privé Collection within the House of Sun Siyam, invites couples to celebrate love through a collection of intimate and personalised wedding experiences set against the natural beauty of the Maldives. Surrounded by turquoise lagoons, powder-soft beaches, and one of the most peaceful island settings in the Indian Ocean, the resort offers everything from elegant beach ceremonies to fully tailored celebrations and exclusive island buyouts.
At the heart of the resort’s wedding offer is a collection of thoughtfully designed packages that cater to different styles of celebration. The Simple Romance package offers an intimate beach ceremony with sentimental touches inspired by the charm of the Maldives, while Grand Gesture builds on the experience with romantic moments including spa indulgence and a private beach dinner. For couples seeking something even more secluded, Sandbank Magic creates a private affair on a sandbank surrounded entirely by the ocean, complete with a romantic cruise and a candlelit dinner beneath the stars.
Beyond the curated packages, Sun Siyam Iru Veli specialises in fully personalised wedding celebrations that allow couples to design every detail of their special day exactly as imagined. Whether it is intimate barefoot ceremonies at sunset, or larger multi-day celebrations welcoming friends and family from around the world, the resort offers the flexibility to transform each occasion into something entirely unique. Couples may choose bespoke dining experiences, tailored décor concepts, entertainment, wellness rituals, private excursions, and personalised touches woven throughout the entirety of their stay.
For those seeking complete privacy and exclusivity, the island also offers the opportunity for full resort buyouts, transforming Sun Siyam Iru Veli into a private island dedicated entirely to the occasion. The island’s expansive beachfront locations paired with the wide range of curated experiences available make it the perfect destination for weddings, vow renewals and celebratory gatherings.
The Honeymoon Offer at Sun Siyam Iru Veli invites couples to celebrate love through a collection of thoughtfully curated experiences, including complimentary seaplane transfers for extended stays, a couples massage at Ocean Spa, floating breakfast and private beachside dining, and romantic in-villa touches designed for unforgettable moments together. Inspired by the romance of island living and shaped by warm Maldivian hospitality, each celebration at Sun Siyam Iru Veli is curated to feel deeply personal and equally memorable.
For more information and to begin planning your romantic getaway, please visit the resort’s website.
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