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
The St. Regis Maldives Vommuli Resort welcomes Chef Renzi Gianluca for Tastemaker series collaboration
The St. Regis Maldives Vommuli Resort continues its celebrated Tastemaker Series with an exclusive culinary collaboration featuring acclaimed Italian Chef Renzi Gianluca. Taking place across three days, the immersive experience invites guests to discover Chef Gianluca’s contemporary interpretation of Italian gastronomy through thoughtfully curated dining moments and an interactive masterclass.
The collaboration will be highlighted by two intimate guest dinners on 21 January 2026 and 23 January 2026, where Chef Gianluca will present a bespoke menu inspired by his culinary heritage, seasonal ingredients, and refined technique. On 22 January 2026, guests are invited to deepen their appreciation of Italian cuisine during an exclusive masterclass led by the chef, offering insight into his creative philosophy and signature approach.
Set on a private island in the Dhaalu Atoll, The St. Regis Maldives Vommuli Resort is renowned for its striking architecture, secluded villas, and exceptional dining experiences. The resort is home to a diverse culinary portfolio, including Alba, its signature Italian restaurant; Orientale, celebrating Asian flavours; the overwater Whale Bar; and Cargo, a destination for Indian Ocean-inspired cuisine under the stars. Each venue reflects the brand’s commitment to refined craftsmanship, immersive storytelling, and memorable moments at the table.
Chef Renzi Gianluca’s residency builds upon the resort’s ongoing Tastemaker Series, which has recently welcomed distinguished culinary talents such as Chef Gregory Doyen, Chef Alexander Herrmann, and Chef Jolly. These collaborations underscore The St. Regis Maldives’ position as a leading epicurean destination, offering guests rare access to globally celebrated chefs and elevated gastronomic experiences in an extraordinary setting.
With its seamless blend of luxury, culture, and culinary artistry, The St. Regis Maldives Vommuli Resort continues to redefine destination dining in the Indian Ocean.
For more information and details, please visit www.stregismaldives.com.
Sun Siyam Iru Veli was honored with the coveted ‘Best Resort’ title at the 17th annual ‘Stylish Escape’ Bund Design Hotels Awards, during a prestigious ceremony held on 3rd December at Shanghai’s former Hendricks Institute on the North Bund. The accolade places the resort among a select group of properties shaping the future of design-led hospitality.
Presented by The Bund Media, an influential voice in the industry for over two decades, the award is celebrated as a definitive barometer for hotel design and innovation. The event, which also marked the launch of the new MILESTONE Landmark Awards, gathered over one hundred distinguished guests from the global architecture, design, and art communities.
The award recognises Sun Siyam Iru Veli’s exceptional contribution to redefining modern hospitality. The resort masterfully embodies the spirit of contemporary design, seamlessly blending commercial vitality, artistic ambiance, and a rich humanistic fabric. Its revolutionary approach to aesthetics has set a new standard for what constitutes an asset of lasting beauty.
“We are honoured by this recognition,” said Masdhooq Saeed, General Manager of Sun Siyam Iru Veli. “Here, nature defines the architecture. The island’s beaches, vegetation, and reef form the heart of the design, with every structure shaped to enhance, not overshadow, its surroundings. Our team is deeply committed to preserving this balance, ensuring the integrity and authenticity of the island.”
True to its philosophy, Sun Siyam Iru Veli offers guests an intimate island hideaway in a breathtakingly boutique setting. As a quintessential spot to relax, recharge, and reconnect, the resort stands as a beacon of thoughtful, human-centric design in the heart of the Maldives.
The Nautilus Maldives is set to welcome back Denise Höfer, Germany’s No. 1 padel player and a leading global ambassador of the sport, for a renewed edition of its Masters for Masters series, taking place from 25 to 28 March 2026. This four-day programme invites families, couples and players of every level to discover Padel as a joyful shared adventure, guided by one of the world’s most inspiring Padel athletes.
Padel has grown into a worldwide phenomenon, celebrated for its accessibility and its ability to bring people together. Fast, intuitive and inherently social, it is the perfect sport for parents and children, partners and friends. With its playful nature and quick learning curve, Padel creates rare moments where beginners and seasoned players can genuinely enjoy the game side by side.
In this spirit, The Nautilus presents a Padel Masterclass shaped by connection. Whether learning your first rally with your partner, watching your children gain confidence on the court, or joining a spirited group session with fellow travellers, the programme transforms play into an experience of shared joy and discovery.
Guests will train with Denise Höfer across a curated line up of classes. Tailored, on-demand experiences including Couples Escape, Family Fun, Cardio Padel and Padel × Wellness invite guests to hyper-personalise their journey, blending movement with mindfulness, and performance with light hearted enjoyment. Complimentary daily sessions feature a Group Masterclass and a Children’s Masterclass, each thoughtfully crafted to suit different learning styles and skill levels.
After energising mornings on the court, guests can retreat to Solasta Spa for treatments inspired by natural flow and deep release. Personalised massages, stretching rituals and ocean-influenced therapies provide a gentle counterbalance to the day’s activities, inviting both body and mind to settle into a state of restoration. The experience becomes a soothing rhythm of movement, rest and reconnection, perfectly aligned with the private island’s unhurried philosophy.
With just 26 ultra-luxury houses and residences in the Baa Atoll UNESCO Biosphere Reserve, The Nautilus offers the ideal setting for meaningful time together. Days unfold freely, guided not by schedules but by the simple desire to savour each moment. Whether learning a new skill as a family, sharing a playful match at sunset, or cheering one another from the sidelines, every experience becomes part of a memory shaped by spontaneity and warmth.
The Padel Masterclass with Denise Höfer invites guests to discover more than technique. It offers a chance to bond, to grow and to reconnect with the joy of learning something new together. At The Nautilus, this journey is shaped not by rules, but by the freedom to follow your own rhythm.
Denise Höfer, Germany’s No. 1 Padel Player, shares: “I’m thrilled to be returning to The Nautilus for this special edition of its Masters for Masters series. The Nautilus’s Padel court is truly one of my favourites in the world: it’s incredible setting and stunning lagoon views create an atmosphere unlike anywhere else. I can’t wait to share this unique experience with The Nautilus guests once again.”
Adan Gomez, General Manager of The Nautilus Maldives, adds: “We are delighted to welcome Denise Höfer back to our shores. Having an athlete of her talent and success return to our island is a true honour and offering our guests the rare opportunity to train with her makes this event genuinely exceptional.”
Event Details:
- Dates: 25 to 28 March 2026
- Location: The Nautilus Maldives
To learn more about Denise Höfer and this exclusive experience, please visit the resort’s website. To book your stay, please contact hello@thenautilusmaldives.com
-
Cooking5 days agoMaakeyolhu: RAH GILI MALDIVES launches signature dining experience honouring Maldivian fishing culture
-
Awards1 week agoMaldives again named World’s Leading Destination
-
Awards1 week agoTrans Maldivian Airways named World’s Leading Seaplane Operator 2025
-
Action1 week agoSiyam World achieves snorkelling world record with 307 participants
-
Featured1 week agoNoku Maldives unveils long-term Sea Turtle Conservation Programme
-
Featured1 week agoBlue Mind Theory brought to life at InterContinental Maldives Maamunagau
-
Featured1 week agoFrom spa rituals to sunrise yoga: Angsana Velavaru champions mindful living
-
Awards1 week agoHulhule Island Hotel extends global leadership with 14th consecutive World Travel Award