BETHESDA, Md., March 31, 2016 /PRNewswire/ -- Marriott
International, Inc. (NASDAQ: MAR) and Starwood Hotels & Resorts
Worldwide, Inc. (NYSE: HOT) today encouraged shareholders of both
companies to vote in support of the proposed merger, which will
create the world's largest hotel company, with 30 brands across all
major customer segments, significant economies of scale and the
most powerful loyalty program in hospitality. Both companies note
that their renewed request for shareholder support follows
Starwood's announcement that a consortium of potential investors,
led by Anbang Insurance Group, has withdrawn its alternative
proposal to acquire Starwood. Marriott and Starwood will host their
respective shareholder meetings on April 8,
2016 at 10:00 AM eastern
time.
Marriott and Starwood will host a joint investor meeting and
webcast tomorrow morning at 9:00 AM eastern
time to discuss the merits of the combination.
Under the terms of the existing 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. Starwood shareholders will own approximately 34
percent of the combined company's common stock after completion of
the merger, based on current shares outstanding.
Arne Sorenson, president and
chief executive officer, Marriott International, said, "We are
focused on maximizing shareholder value and from the beginning of
this process we have been steadfast in our belief that a
combination with Starwood will offer the highest value to all
shareholders. Together, we can provide opportunities for
significant equity upside and great long-term value driven by a
larger global footprint, wider choice of brands for consumers,
substantial synergies, and improved economics to owners and
franchisees leading to accelerated global growth and continued
strong returns. Our integration teams have been diligent in their
work over the last few weeks and are more committed than ever to a
timely and smooth transition."
The companies also note that Starwood's Board of Directors
reiterated its unanimous support of the merger and that the Board
recommends that Starwood stockholders vote their shares in favor of
the pending combination with Marriott.
Investor Webcast at 9:00 AM ET on Friday,
April 1, 2016
The Marriott-Starwood investor webcast will take place on
Friday, April 1, 2016 at 9:00 AM eastern time and will be available at
Marriott's investor relations
website www.marriott.com/investor. The webcast can also
be directly accessed through the following link:
http://cache.merchantcantos.com/webcast/webcaster/4000/7464/16531/59800/Lobby/default.htm.
Presenting on the webcast will be: Arne
Sorenson, Marriott's President and Chief Executive Officer,
Leeny Oberg, Marriott's Executive
Vice President and Chief Financial Officer, and Thomas Mangas, Starwood's Chief Executive
Officer.
The telephone dial-in number for the meeting conference call is
(800) 288-8968 and for participants outside the U.S., +1 (612)
234-9960. No passcode is required for the call. A
telephone replay of the conference call will be available for seven
days. To access the replay, call (800) 475-6701 or for outside the
U.S., +1 (320) 365-3844. The conference ID for the recording is
390557#.
Marriott International, Inc. (NASDAQ: MAR) is a global
leading lodging company based in Bethesda, Maryland, USA, with more than 4,400
properties in 87 countries and territories. Marriott
International reported revenues of more than $14 billion in fiscal year 2015. The company
operates and franchises hotels and licenses vacation ownership
resorts under 19 brands, including: The Ritz-Carlton®, Bulgari®,
EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance®
Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott
Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC
Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill
Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea
Hotels® and Moxy Hotels®. Marriott has been consistently recognized
as a top employer and for its superior business ethics. The company
also manages the award-winning guest loyalty program, Marriott
Rewards® and The Ritz-Carlton Rewards® program, which together
comprise nearly 55 million members. For more information or
reservations, please visit our website at www.marriott.com, and for
the latest company news, visit www.marriottnewscenter.com.
Note on Forward-looking Statements
This communication
contains "forward-looking statements" within the meaning of U.S.
federal securities laws, including our expectation of greater long
term value for Starwood stockholders, and other anticipated future
events and expectations that are not historical facts. We caution
you that these statements are not guarantees of future performance
and are subject to numerous risks and uncertainties, including our
ability to achieve the synergies we anticipate, and other risk
factors identified in Marriott's most recent Annual Report on Form
10-K and in the joint proxy statement / prospectus on Form S-4 that
we filed with the U.S. Securities and Exchange Commission on
February 16, 2016. Any of these
factors could cause actual results to differ materially from the
expectations we express or imply in this communication. We make
these forward-looking statements as of the date of this
communication. We undertake no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
Additional Information and Where to Find It
This
communication relates to a proposed business combination between
Marriott and Starwood. In connection with this proposed business
combination, on February 16, 2016,
Marriott filed a registration statement on Form S-4 with the
Securities and Exchange Commission (the "Commission") that contains
a joint proxy statement/prospectus and other relevant documents
concerning the proposed business combination. The registration
statement on Form S-4 was declared effective by the Commission on
February 17, 2016. Each of Marriott
and Starwood mailed the joint proxy statement/prospectus to its
respective stockholders beginning on or around February 19, 2016. INVESTORS AND SECURITY HOLDERS
OF MARRIOTT AND STARWOOD ARE URGED TO READ THE JOINT PROXY
STATEMENT/PROSPECTUS AND OTHER DOCUMENTS THAT MAY BE FILED WITH THE
SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and
security holders may obtain a free copy of the joint proxy
statement/prospectus and other documents (when available) that
Marriott and Starwood file with the SEC at the SEC's website at
www.sec.gov. In addition, these documents may be obtained from
Marriott free of charge by directing a request to
investorrelations@marriott.com, or from Starwood free of charge by
directing a request to ir@starwoodhotels.com.
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SOURCE Marriott International, Inc.