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.
Arriving at JA Manafaru is like entering another realm of luxury. This enviable destination gives new meaning to the notion of an idyllic island escape, and now, the property has unveiled its extraordinary new Three Bedroom Royal Beach Residence, setting a new benchmark for intimate island experiences in the Maldives. Boasting unmatched space, privacy, and personalised service, the residence combines expansive beachfront living with world-class amenities and the resort’s signature warm hospitality. Offering a rare sense of seclusion in one of the Indian Ocean’s most breathtaking settings, it is an elevated way to enjoy the Maldives in complete comfort and style.
Situated in the pristine Haa Alifu Atoll, JA Manafaru is a secluded island sanctuary where powder-white sands meet crystal-clear lagoons and vibrant coral reefs. The resort’s natural beauty, serene setting, and deeply immersive guest experiences are supported by exceptional facilities including multiple dining venues, a renowned spa sanctuary, and a collection of beachfront and overwater villas. With a focus on wellbeing, adventure, and cultural connection, it is a true escape into island life, where each day unfolds at a gentler, more meaningful pace.
Adding to the resort’s allure, the new Three Bedroom Royal Beach Residence is the largest of its kind in the Maldives, spanning an impressive 5,800 sqm, making it a fully private sanctuary for up to six adults, three children, and two infants. Every detail has been carefully considered, including the expansive indoor and outdoor living spaces, the European super king beds, and the elegant lounge areas that open directly onto the island’s natural beauty. A dedicated Thakuru service ensures every stay is entirely personalised, offering intuitive hospitality tailored to each guest’s preferences.
At the heart of the residence lies an exclusive beachfront experience unlike any other. Guests can enjoy their own exclusive stretch of sand, complete with refreshing pools, sun-drenched terraces, and shaded cabanas that flow majestically into the oceanfront. Thoughtful additions, including a volleyball net for leisurely afternoons by the sea and a private bar designed for sunset gatherings and evening entertainment, are all set against uninterrupted views of the Indian Ocean.
A complete intimate retreat, the residence also features a dedicated spa pavilion with a sauna and steam room, built for wellness at any time of day. Multiple indoor and outdoor dining areas provide the perfect setting for shared meals, while dedicated bicycles allow guests to explore the island at their own pace. With complimentary WiFi and premium in-villa amenities throughout, every element has been curated to deliver absolute privacy, effortless comfort and a heightened sense of island living.
Promising a stay like no other, the Three Bedroom Royal Beach Residence at JA Manafaru offers a truly distinctive way to experience the Maldives. Book your stay now to discover a world where space, serenity, and personalised luxury come together in perfect harmony.
Maldives Private Residence Escape
For guests seeking an extended island retreat, JA Manafaru’s Maldives Private Residence Escape is an exceptional opportunity to experience the resort’s spacious two and three-bedroom private residences with added privileges designed to elevate every moment. Combining the comfort of a private home with the personalised service and world-class amenities of a luxury island resort, and surrounded by uninterrupted ocean views, guests can enjoy the generous indoor and outdoor living spaces, incredible infinity pools, and the freedom to experience the Maldives at their own pace during a five night stay.
Each stay is enhanced by a dedicated personal butler, ensuring a seamless and highly personalised experience throughout, alongside a complimentary CIP airport meet-and-greet service, allowing guests to bypass standard immigration and baggage collection queues for a smoother, more effortless arrival and departure. Guests can also enjoy an intimate stargazing session and movie under the stars, available exclusively for bookings made via the official booking link on the JA Manafaru website, allowing them to further soak up the beauty of this stunning destination.
Spend time exploring the island by bicycle, enjoying curated marine and cultural experiences, or simply unwinding in complete privacy. Thoughtful touches, including a bottle of bubbly and fruit basket on arrival, daily turn-down amenities, complimentary laundry services, and priority restaurant reservations, add further convenience, while complimentary seaplane transfers ensure everything is covered from arrival to departure.
When: Available for stays until December 23rd
Offer Inclusions:
- 30% savings on stays for JA DISCOVERY members
- Accommodation in a two or three-bedroom private residence
- Private outdoor infinity pool
- Bottle of bubbly and fruit basket on arrival
- Personal butler throughout the stay
- Complimentary seaplane transfers
- Complimentary airport meet-and-greet service
- Personalised bicycles
- Daily amenities during turn-down service
- Complimentary laundry service for up to 50 garments per stay
- Priority restaurant reservations
Terms & Conditions:
- Valid for stays of five nights or more
- Subject to availability at the time of booking
- JA DISCOVERY member savings apply where applicable
- Additional terms and conditions may apply
For reservations and more information, please click here.
Alila Kothaifaru Maldives invites guests to discover the island as a dining destination, where distinct culinary concepts, thoughtful cuisine and extraordinary settings come together. From Japanese precision, Italian craft and the coastal flavours of the Middle East and Mediterranean to barefoot dining on a secluded sand cay and intimate meals in a private pool villa, each experience offers a different way to taste the island.
Across the resort, menus draw on local catch delivered by neighbouring fishermen, island-grown herbs, and fresh fruits and vegetables sourced weekly from a nearby producer, supporting local agriculture while reducing food miles. The resort’s multicultural culinary team also brings diverse perspectives to the table, with chefs and service teams trained to accommodate evolving dietary preferences and requirements, including vegan, keto, allergies and food intolerances.
Beyond the restaurants, The Shack, reached by a five-minute speedboat journey, offers picnics, sunset barbecues and bespoke twilight dinners on a secluded sand cay. Every Thursday, the Shack Flair Sundowner adds crafted cocktails and flair bartending against the colours of the Maldivian sunset.
“Our dining experiences are most memorable when the setting, menu and service come together seamlessly. We let the island inspire experiences that feel deeply personal, while reflecting how we care for our destination through supporting nearby producers, using more local ingredients and creating meaningful connections with place,” said Thomas Weber, General Manager.
Private dining extends this philosophy further. Floating Breakfast and Floating Lunch with Champagne bring indulgence to the privacy of a villa, while beach and villa settings can be transformed for proposals, family celebrations, barbecues and chef-led tastings, with menus personalised around individual tastes and dietary needs.
“Our culinary approach is about creating a sense of place through every plate. By incorporating locally sourced produce alongside local seafood and island-grown ingredients, we support the community while reducing the distance ingredients travel. With our diverse culinary team and continued training, we can also thoughtfully adapt menus for vegan and keto preferences, allergies, intolerances and other dietary requirements without compromising flavour, quality or creativity,” said Frank Wackerhagen, Executive Chef.
“The expectations of today’s guests are constantly evolving, and our role is to evolve with them. Our chefs and service teams welcome guests from different cultures and backgrounds, each with their own preferences and dietary needs. Our teams are trained to understand these requirements and adapt each experience thoughtfully, ensuring guests never feel they are compromising on flavour, quality or choice,” said Danilo Paolella, Director of Food & Beverage.
Together, the resort’s restaurants, destination dining settings and private experiences give guests the freedom to dine differently throughout their stay, from breakfast overlooking the water and leisurely island lunches to sundowners and dinners beneath the Maldivian sky.
Selected experiences require advance reservation and are subject to weather, tide and operational conditions.
For more information or to discover the resort’s dining experiences, visit www.alilakothaifarumaldives.com.
Following the success of her 2025 freediving retreat at Avani+ Fares Maldives Resort, eleven-time freediving world-record holder and ocean conservationist Hanli Prinsloo will return to Baa Atoll this September with an expanded programme across two Minor Hotels resorts.
Hanli will begin with a Family Freediving Retreat at Avani+ Fares Maldives from 7 to 10 September before continuing to NH Collection Maldives Reethi for Into the Blue, a four-night retreat running from 14 to 18 September. Together, the two experiences offer different ways to explore the Baa Atoll UNESCO Biosphere Reserve, from a playful introduction for families to a more immersive programme for beginners and experienced freedivers aged 16 and above.
At Avani+ Fares, Hanli will introduce parents and children to freediving through breathwork, floating, snorkelling, gentle duck dives and underwater games. The focus is not on depth or competition, but on helping families build confidence in the water, understand their breathing and experience the ocean together at a comfortable pace.
The Family Freediving Retreat will open the resort’s annual Ocean Aware Month, a September programme dedicated to marine discovery and conservation. Activities will include coral conservation and planting workshops, underwater photography and videography sessions, beach clean-ups and PADI speciality courses.
On 17 September, Avani+ Fares will celebrate World Manta Day with marine-inspired art workshops for all ages and snorkelling excursions to Hanifaru Bay, known for its seasonal gatherings of manta rays.
“Baa Atoll keeps calling us back,” said Hanli Prinsloo. “Following last year’s retreat at Avani+ Fares, I am excited to return with a full family programme and to continue the journey at NH Collection Maldives Reethi. At Avani+ Fares, we will make freediving playful and approachable for parents and children. At Reethi, guests will have more time to develop their skills through breathwork, training and exploration. Both retreats are about building confidence in the ocean and understanding why this remarkable environment deserves our care.”
In addition, Hanli will host the four-night Into the Blue retreat at NH Collection Maldives Reethi. Open to guests aged 16 and above who are comfortable swimming, the programme combines yoga, meditation and guided breathing with house reef snorkelling, rope freediving and drift dives. Beginners and experienced freedivers can train together while progressing at their own pace.
The retreat will also include an excursion to Hanifaru Bay, approximately 15 minutes from the resort. At Reethi, guests can continue exploring from the island’s house reef, which supports marine life including angelfish, clownfish, reef sharks and sea turtles.
The three-night Family Freediving Retreat at Avani+ Fares Maldives starts from USD 3,160 per person, based on single occupancy. The package includes accommodation, full board, return seaplane transfers and all retreat sessions. Ocean Aware Month activities are complimentary for resort guests, subject to availability.
The four-night Into the Blue retreat at NH Collection Maldives Reethi starts from USD 4,333 net per adult, inclusive of accommodation on full board, return seaplane transfers and the full retreat programme.
For details and reservations, visit world.nh-hotels.com/en/nh-collection-maldives-reethi, email reservations.nree@nhcollection.com or call +960 660 2626.
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