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Marriott and Starwood sign amended merger agreement

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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.

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Baros Maldives celebrates festive season with iconic experiences, island traditions

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This festive season, Baros Maldives unveils Echoes from Baros — a programme of celebrations inspired by the island’s heritage, nature and timeless spirit of togetherness. From intimate Champagne Dinners beneath starlit skies to immersive eco-adventures on the house reef, each experience is crafted to weave cherished memories with the island’s enduring elegance.

Rising gracefully above the lagoon, the iconic Lighthouse Restaurant, celebrating its 20th anniversary, takes centre stage with curated festive dinners, where guests savour gourmet artistry perfectly paired with fine wines, framed by sweeping ocean views. For moments steeped in Maldivian tradition, Baros’ handcrafted dhoni, Nooma, sets sail into golden horizons, offering sunset voyages that echo the romance and seafaring spirit of the Maldives. This festive season also features the much-loved Baros Festive Culinary Challenge, sparking the spirit of friendly competition and honouring a long-standing island tradition.

Beneath the waves, the Eco Explorer Experience invites guests to celebrate the season of generosity by giving back to the reef through guided snorkels, coral planting and conservation dives. Meanwhile, the Baros Treasure Hunt continues weekly, offering one lucky winner a seven-night stay with a guest. Each encounter with the vibrant marine life blends discovery and contribution, echoing Baros’ enduring respect for nature.

Celebrations also unfold in the heart of the island, where lantern-lit dinners, festive barbecues and wine evenings bring together flavours of the season in settings of rare intimacy. For the ultimate indulgence, the Piano Deck transforms into a stage above the lagoon — a private dining experience suspended between sea and sky.

Moments of renewal await at Serenity Spa, nestled within the island’s greenery. Here, rituals such as the Baros Forest Therapy by Aromatherapy Associates offer a pause for reflection, enveloping guests in the healing embrace of nature as the year comes to a close.

Throughout December, Echoes from Baros invites guests to celebrate not only the season, but the deeper values of heritage, togetherness, intimacy and renewal. Every detail, from private cinema under the stars to Champagne toasts at sea, is designed to transform the festive season into something truly timeless.

More than just a celebration, Echoes from Baros offers a journey into the island’s soul, where each experience becomes a memory to be treasured long after the lanterns fade and the horizon quietens.

For bookings and more information, please visit www.baros.com or contact Baros directly at reservations@baros.com or call +960 664 26 72.

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Kuda Villingili Resort Maldives celebrates second consecutive win in Readers’ Choice Awards 2025

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Kuda Villingili Resort has announced that the leading five-star luxury resort in the Maldives has once again been recognized among the Top 10 Resorts in the Indian Ocean, securing the #7 ranking in the prestigious Condé Nast Traveler Readers’ Choice Awards 2025 (US). This marks the second consecutive year that the resort has earned a coveted place on the list, a testament to its unwavering commitment to redefining luxury hospitality and crafting experiences that truly “redefine time and space.”

The Readers’ Choice Awards are one of the longest-running and most respected accolades in the global travel industry, celebrating the world’s best destinations, hotels, resorts, and experiences as voted by passionate travelers. Standing tall among some of the leading luxury hospitality resort brands in the Maldives, Kuda Villingili’s repeat recognition reflects its growing reputation as a distinctive Maldivian sanctuary that blends island elegance, meaningful connection, and genuine hospitality.

Set within the tranquil waters of the North Malé Atoll, Kuda Villingili invites guests to rediscover balance and belonging through immersive island living. The resort’s 75 villas and residences—ranging from spacious beach sanctuaries to stunning overwater escapes—all feature private pools and panoramic views, offering an intimate connection to the ocean’s rhythm.

Whether unwinding at the 150-metre pool—the largest in the Maldives, indulging in eight distinct dining venues that span 12 global cuisines, or surrendering to bliss at the private island overwater Kuda Villingili Spa, guests are immersed in a seamless blend of luxury and authenticity.

The resort’s location near Chickens Break, one of the Maldives’ most renowned surf spots, also makes it a favorite for adventure-seekers—while curated experiences for couples, families, and wellness travelers ensure that every guest finds their own rhythm of paradise.

“This recognition is especially meaningful because it comes directly from our guests,” said Amjad Thaufeeg, Commercial Director of Kuda Villingili Resort Maldives. “To be voted among the best in the Indian Ocean for two years in a row affirms our team’s passion and dedication to creating experiences that are both heartfelt and unforgettable. It’s a celebration of the people who bring Kuda Villingili to life each day.”

The achievement further reinforces Kuda Villingili’s position among the Maldives’ leading luxury resorts, setting it apart through its thoughtfully curated experiences, design aesthetics inspired by nature, and commitment to authentic Maldivian hospitality. With this renewed recognition, Kuda Villingili recommits to innovative experiences by expanding wellness, culinary and surf offerings, sustainability and community stewardship; maintaining eco-sensitive design and investing in local partnerships and by further enhancing personalization and connection redefining how guests feel at home, from pre-arrival to the final sunset.

A world where time and space are redefined, Kuda Villingili Resort Maldives offers an unparalleled blend of sophistication and serenity in the North Malé Atoll. From gourmet journeys and surf adventures to mindful wellness rituals and family-friendly activities, the resort curates every experience to inspire connection and celebration.

This second consecutive award is more than a badge of honor — it’s affirmation from the very people who matter most: past guests, returning visitors, and new patrons who found something unforgettable at Kuda Villingili.

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Awards

Milaidhoo Maldives earns global recognition in prestigious Readers’ Choice Awards

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Milaidhoo Maldives has been recognised as one of the world’s best resorts in the prestigious Condé Nast Traveler Readers’ Choice Awards 2025, earning a place among the top global destinations. This international recognition reflects the resort’s enduring commitment to creating soulful, personalised experiences that capture the true essence of island hospitality.

Nestled within the UNESCO Biosphere Reserve of Baa Atoll, Milaidhoo Maldives represents more than just a luxury retreat—it is a sanctuary where time slows and nature takes the lead. Surrounded by crystal-clear waters and vibrant marine life, the island invites guests to rediscover life’s simplest pleasures and form a genuine connection with the natural world. For many, Milaidhoo is a journey of the heart—an intimate escape that celebrates authenticity, tranquillity, and human connection.

The resort extended its heartfelt appreciation to its guests for their votes and continued trust. “It is through the loyalty and support of our guests that we are able to grow, evolve, and refine what makes Milaidhoo so unique,” the team shared. “We are deeply grateful to those who have shared in our story and look forward to welcoming them back to create new memories together.”

Milaidhoo also paid tribute to its dedicated team—affectionately known as the Milaidhoo Family—whose passion and genuine Maldivian warmth lie at the core of every experience. The award, the resort stated, stands as a testament to their unwavering commitment to excellence and heartfelt service.

As pioneers of authentic Maldivian hospitality, Milaidhoo remains deeply rooted in the cultural heritage and natural beauty that define the Maldives, continuing to offer a timeless experience where every guest becomes part of the island’s story.

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