Marriott buys operator of the Nines

Deal for Starwood Hotels & Resorts Worldwide worth a reported $12.2 billion.

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Marriott’s purchase of Starwood Hotels & Resorts Worldwide is worth a reported $12.2 billion.

The new hotel group would lay claim to more than 1.1 million hotel rooms worldwide. Included in that figure, the Nines in downtown Portland as well as four other hotels in the city.

The deal is the biggest takeover in the hotel industry since Blackstone Group LP bought Hilton back in 2007 for $26 billion.

“The driving force behind this transaction is growth. This is an opportunity to create value by combining the distribution and strengths of Marriott and Starwood, enhancing our competitiveness in a quickly evolving marketplace,” Marriott CEO Arne Sorenson said in a statement.

“This greater scale should offer a wider choice of brands to consumers, improve economics to owners and franchisees, increase unit growth and enhance long-term value to shareholders.”

(SOURCE: Portland Business Journal)

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