Marriott (MAR) Reaffirms FY16 RevPAR, Unit Growth Outlook
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March 21, 2016 4:43 PM EDT
Moody's Investors Service affirmed Marriott International, Inc.'s (Nasdaq: MAR) Baa2 senior unsecured rating and Prime-2 commercial paper rating following the announcement that it has revised its terms to acquire Starwood Hotels & Resorts Worldwide Inc. (after the spin-off of the timeshare business Vistana Signature Experiences, Inc.) in a transaction valued at approximately $14.5 billion including the assumption of Starwood debt net of cash. Moody's estimates this represents about a 14.4 times 2015 EBITDA multiple pro forma for the spin-off of Vistana. Starwood shareholders will receive .80 shares of Marriott stock in exchange for each Starwood share and a... More
March 21, 2016 7:02 AM EDT
Marriott International, Inc. (NASDAQ: MAR) and Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) 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,...
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March 19, 2016 7:39 PM EDT
By Marc Frank
HAVANA (Reuters) - Starwood Hotels & Resorts Worldwide (NYSE: HOT) on Saturday became the first U.S. hotel company to sign a deal with Cuba since the 1959 revolution, announcing a multimillion-dollar investment a day before U.S. President Barack Obama was due to visit Havana.
Starwood will manage and market two properties in Havana and signed a letter of intent to operate a third.
Such deals would normally be prohibited under the U.S. economic embargo of Cuba, but Starwood received special permission from the U.S. Treasury Department last week.
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March 18, 2016 3:52 PM EDT
1. Valeant Pharma (NYSE: VRX) shares were hit this week after the company reported Q4 EPS of $2.50 with revenue of $2.8 billion. The Street was looking for EPS of $2.61 and revenue of $2.75 billion. In addition, Valeant lowered its FY16 outlook and guidance for the next four quarters. Shares are down over 60 percent on the week.
2. The Fed offered a statement from the FOMC's March 15th - 16th meeting.... More
