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.
Madifushi Private Island has introduced a new Silent DJ experience, inviting guests to enjoy an evening of music, movement and connection in a way that remains true to the resort’s serene island character.
Set within the resort’s dedicated Silent DJ and Karaoke Lounge, the experience gives each guest a wireless headset and the freedom to choose between multiple music channels. Guests can switch channels whenever they wish, dance to their own soundtrack or tune into the same channel and share the beat with family and friends.
With the music delivered directly through individual headsets, there is no need for amplified DJ sound to fill the surrounding area. The concept therefore allows participating guests to immerse themselves in the energy of the evening while helping to minimize ambient noise and preserve the calm enjoyed by others across the island.
“Madifushi Private Island is known as the Island of Serene Wonders, and every new experience we introduce should complement that promise. Silent DJ gives our guests the freedom to celebrate, dance and enjoy music together while respecting the tranquility that makes the island so special. It is lively on the inside, peaceful on the outside, and unmistakably signature to Madifushi Private Island,” said Mohamed Hilmy, General Manager, Madifushi Private Island.
The room also offers a dedicated Karaoke experience. Using wireless microphones and a curated song library, guests can perform solo, sing together as a group or combine Karaoke with Silent DJ for a more varied private event.
The introduction of Silent DJ reflects Madifushi Private Island’s wider approach to thoughtful luxury: creating memorable experiences that feel personal and joyful while remaining sensitive to the setting. It also offers an inventive response to noise disturbance, showing that entertainment and tranquillity can comfortably coexist when an experience is designed with intention.
Meditation
COMO Resorts Maldives brings marine experts, artists and wellness specialists to its islands
For the remainder of 2026, COMO Maalifushi and COMO Cocoa Island will offer an inspiring calendar of COMO Journeys and visiting practitioner residencies, bringing together leading experts, artists and wellness specialists from around the world.
Rooted in ocean stewardship, artistic expression and holistic wellbeing, each programme is thoughtfully crafted to reflect the distinctive character of its island setting. Through immersive experiences and expert-led encounters, guests are invited to discover the Maldives in new ways, deepening their appreciation of the natural world while cultivating creativity, balance and personal renewal.
At COMO Maalifushi, COMO Journey with Guardians of the Reef will take place from October 20th to November 2nd 2026, with Sharks4Kids. Led by marine biologist Jillian Morris and Emmy Award-winning cinematographer Duncan Brake, the family-focused programme explores the world of sharks through guided reef adventures, marine education, citizen science and underwater storytelling.
The resort will also feature two visiting practitioners, the first, “Holistic Reset for Body and Mind” will take place from September 21st to October 5th 2026, and will include personalised treatments by physiotherapist and osteopath Martina Wegscheider. These treatments will combine osteopathy, craniosacral therapy, energy alignment, and mindful movement.
The second residency, “Balance and Harmony” is scheduled from December 1st to January 10th, 2027. Wellness practitioner Kimberly Rose Kneier will lead this program, which will integrate various holistic practices, including acupuncture, Qi Gong, breathwork, and craniosacral therapy.
At COMO Cocoa Island, COMO Journey with Ocean Culture Life takes place from October 19th to October 31st 2026. This event will be led by award-winning photographer Matt Porteous and environmental advocate Tamsin Raine, who are the founders of Ocean Life Culture. The residency will combine photography, ocean film, storytelling, and conservation efforts. Guests will have the opportunity to participate in photography workshops, youth sessions, marine capture experiences, film nights, and discussions that explore the connection between people and the sea.
The island will host “The Art of Japanese Healing”, featuring practitioner Yuki Nishikubo from November 16th to December 27th 2026. With over 25 years of experience, Nishikubo will provide personalised Japanese acupuncture and Shiatsu treatments to promote relaxation, balance, and overall well-being.
The final event of this year’s creative programme is “From Sea to Self”, a COMO Journey featuring acclaimed artist and Paralympian Gregory Burns, taking place from December 8th to December 27th 2026. Through open studios, intimate conversations and hands-on workshops, Burns will explore the relationship between art, nature and personal transformation. The programme will culminate in an exhibition showcasing the works created during his residency.
“Meaningful travel is about creating experiences that stay with you long after you leave. Through our COMO Journeys and residencies of visiting practitioners, we hope to give guests a deeper connection to the Maldives, whether through the ocean, creativity, conservation or wellbeing, while celebrating the people and ideas that make each experience unique,” says Peter Nilsson, Managing Director of COMO Resorts, Maldives.
JOALI Maldives, the Maldives’ first art-immersive resort, has announced its 2026 festive theme, Life is a Theatre – The Island Takes the Stage. Inspired by the grandeur, artistry and enchantment of historic theatres, the island will transform into a living stage for a season shaped by spectacle, emotion and creative living.
From 20 December 2026 to 10 January 2027, each corner of the island will reveal a new scene: candlelit gatherings and theatrical feasts, celebrated visiting experts, hands-on creativity, marine conservation, wellbeing rituals and joyful adventures for every generation. Guided by JOALI Maldives’s philosophy of the Joy of Creative Living, the programme invites guests to step beyond the everyday and become part of an unfolding festive story beneath the Maldivian sky.
The opening acts: treasured festive traditions
The season begins with the island’s first illumination at the Christmas Tree Lighting, followed by the opening of the Gingerbread House and Santa’s much-anticipated arrival. These cherished traditions lead into a series of signature celebrations, each interpreted through the language of theatre and brought to life with JOALI Maldives’s distinctive sense of artistry and togetherness.
Three gala celebrations take centre stage
Christmas Eve Gala Dinner | 24 December. Inspired by the splendour of grand European theatres, Christmas Eve unfolds as an opulent celebration of exquisite cuisine, live performance and heartfelt connection.
New Year’s Eve Gala | 31 December. The year reaches its cinematic finale through a film-noir-inspired evening of mystery, glamour and allure. Dramatic monochromes and glimmers of gold set the scene for exceptional dining, live entertainment, fireworks and a thrilling countdown to midnight.
Orthodox Christmas Gala | 6 January. Regal traditions inspire an elegant island gathering featuring global flavours and a warm, luminous setting in which guests can come together and cherish the spirit of Orthodox Christmas.
World-class expertise, from the court to restorative touch
Former World No. 1 and Grand Slam champion Ana Ivanović will host exclusive master tennis classes on select days, helping guests refine technique, agility and confidence while experiencing the precision and joy of world-class tennis.
Visiting practitioner Zoa Aviño Hernandez will guide guests through deeply restorative therapies informed by healing traditions from Bali, Thailand and Mexico. From Reiki and reflexology to Kobido, each treatment brings intuitive care and refined technique together to release tension, restore balance and support freedom of movement.
A culinary programme made for the spotlight
Dining becomes a performance of its own through intimate chef-led journeys and generous family-style feasts. Seasonal highlights include Sparkle O’Clock, Mediterranean Dream, The Pasta Performance and Once Upon a Sake, inviting guests to discover new tastes while sharing familiar favourites.
Throughout the stay, themed cocktail invitations will appear across the island, setting the scene for speakeasy evenings, jazz gatherings, island sundowners and other spirited moments designed to surprise and delight.
Island creations with purpose
At the Ceramics Studio, guests can work with JOALI Maldives’s Resident Artist to shape raw clay into a personal artwork inspired by their time on the island. The festive programme also continues the resort’s Christmas Corals tradition, inviting guests to add coral fragments to a Christmas tree-shaped frame and participate in JOALI Maldives’ ongoing commitment to protecting and restoring the Maldivian marine ecosystem.
Movement, wellbeing and the natural theatre of the ocean
Beyond the headline celebrations, guests can find their own island rhythm through padel, holistic treatments at JOALI BEING Cure and an extensive collection of ocean adventures. Snorkelling, private marine excursions and exhilarating experiences above and across the lagoon reveal the natural beauty surrounding Muravandhoo Island.
The Sunset Dolphin Cruise presents the ocean as nature’s theatre, as playful dolphins flip, spin and glide beneath the glow of the setting sun. Families can also join spirited challenges designed around agility, memory, teamwork and creativity, or form a team for Santa’s Football League and compete in a joyful series of holiday matches.
A festive world for younger guests
Muramas Kids Club will host a daily programme of festive crafts, games, parties, sports and colourful adventures centred on four themes: Create, Play, Discover and Move. Young explorers will also meet Pico the Heron, Mermie the Mermaid and other island friends as they connect with nature, express their creativity and celebrate together.
Guests planning a festive escape can enjoy a selection of exclusive benefits for stays from 21 December 2026 to 10 January 2027. Guests staying seven nights or more in any Overwater category will receive 5% off the applicable room rates, alongside an Early Bird saving of 10% for bookings confirmed 120 days prior to arrival, or 5% for bookings confirmed 60 days prior to arrival.
Additional benefits include complimentary return seaplane transfers for children aged 0–6 years on stays of seven nights or more. For stays of 12 nights or more, complimentary return seaplane transfers are extended to two adults and children aged 0–6 years.
The offer is available to book until 10 October 2026. A minimum stay of seven nights applies to all Beach categories, while five nights applies to all Overwater categories.
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