Marriott (MAR) Reaffirms FY16 RevPAR, Unit Growth Outlook
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Marriott International Reiterates RevPAR and Rooms Growth Expectations
March 21, 2016 7:15 AM EDTBETHESDA, Md., March 21, 2016 /PRNewswire/ -- Marriott International, Inc. (NASDAQ: MAR) announced today that it continues to expect strong RevPAR and unit growth in 2016. The company expects comparable systemwide RevPAR on a constant dollar basis in North America, outside North America and worldwide will increase 2 to 4 percent in the first quarter of 2016 and 3 to 5 percent for full year 2016, likely toward the upper end of the full year range. Marriott also anticipates its gross worldwide rooms will increase 8 percent gross, or 7 percent net, for full year 2016. These expectations do not include the impact of the planned... More
Marriott International And Starwood Hotels & Resorts Worldwide Sign Amended Merger Agreement
March 21, 2016 7:00 AM EDTBETHESDA, Md. and STAMFORD, Conn., March 21, 2016 /PRNewswire/ --
Starwood's Board of Directors determined that revised terms from Marriott constitute a superior proposal compared to previously announced offer by Consortium led by Anbang Insurance Group. Increased cash consideration to $21.00 for each share of Starwood common stock. Revised exchange ratio of 0.80 shares of Marriott common stock for each share of Starwood common stock. Targeted annual G&A synergies increased to $250 million run-rate. Marriott and Starwood special stockholder meetings to be held on April 8, 2016 with transaction closing planned... MoreU.S. Clears Marriott To Engage In Business Development In Cuba
March 20, 2016 11:07 AM EDTBETHESDA, Md. and HAVANA, March 20, 2016 /PRNewswire/ -- Marriott International, Inc. (NASDAQ: MAR) said today that the the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury has approved Marriott International's application to pursue a business transaction in Cuba, and that the company is in discussions to develop a hospitality relationship with potential partners. The announcement was made during President Obama's historic trip to Cuba, marking the first time... More
