STAMFORD, Conn., Sept. 23 (UPI) -- Marriott International Inc. became the world's largest hotel chain after its acquisition of Starwood Hotels & Resorts was approved by China.
Marriott and Starwood, negotiating for months, reached a $12.2 billion deal, and earlier this week received approval for the merger from the Chinese Ministry of Commerce, the last regulatory consent required. The transaction was completed prior to Friday's New York Stock Exchange opening. Trading in Starwood shares will stop and Starwood stockholders will receive $21 and 0.80 shares of Marriott common stock for each share of Starwood common stock.
The chain will have 1.1 million available rooms in 5,700 properties worldwide, and 30 different brands, including Ritz-Carlton, St. Regis, Sheraton and Four Points.
The merger of the two U.S.-based hotels was first announced in November 2015, but the Chinese consortium Anbang Insurance Group offered a competing bid, and later dropped out of negotiations.
Marriott had already received regulatory approval from Mexico and the European Union.