Starwood hotels who owns

The information in this communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.

No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of , as amended, and otherwise in accordance with applicable law. In connection with the proposed transaction, Marriott will file with the SEC a registration statement on Form S-4 that will include a joint proxy statement of Marriott and Starwood that will also constitute a prospectus of Marriott.

In addition, these documents may be obtained from Marriott free of charge by directing a request to investorrelations marriott. Marriott, Starwood, and certain of their respective directors and executive officers may be deemed to be participants in the proposed transaction under the rules of the SEC. These documents can be obtained free of charge from the sources listed above.

We caution you that these statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including the receipt of necessary consents, and other risk factors that we identify in our most recent quarterly report on Form Q. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release.

We make these forward-looking statements as of the date of this press release. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Marriott has been consistently recognized as a top employer and for its superior business ethics. For more information or reservations, please visit our website at www.

Starwood is a fully integrated owner, operator and franchisor of hotels, resorts and residences under the renowned brands: St. Visit www. Tricia Primrose, , tricia. Tom Marder, , thomas. Kavanagh, , kc. Marriott silver members will see Starwood's lowest category, Preferred Plus. Starwood put itself up for sale in April The Stamford, Connecticut, company had struggled to grow as fast as its rivals, particularly in "limited service hotels," which are smaller properties which don't have restaurants or banquet halls.

They are often located on the side of the highway, near airports or in suburban office parks. Marriott and Starwood -- like other hotel chains -- own very few individual hotels. Instead they manage or franchise their brands to hundreds of individual owners, often real estate development companies.

Those individual hotel owners are responsible for setting nightly room rates. It isn't uncommon for a developer to own a Marriott, Hilton, Hyatt and Sheraton in the same city. But Starwood, too, was interested in ITT. The purchase price was about twice ITT's stock market value before the bidding war began, and twice what Starwood itself was worth.

Buying ITT took Sternlicht into new and uncharted territory. The young entrepreneur had risked tremendous amounts of money to build his empire, but he had not run a huge corporation. Sternlicht brought in an old college friend, Richard Nanula, to help oversee Starwood. Nanula had close personal ties to Sternlicht and his family, and was, like Sternlicht, a financial wunderkind.

He had been chief financial officer of Disney since he was 31, and he had the kind of corporate background that Sternlicht lacked. The two seemed to have complementary skills that would enable them to shape up Starwood's businesses after the merger. But things did not get off to a good start. It then converted to a traditional corporate structure. The change made accounting difficult, particularly in comparing financial results from before and after the restructuring.

In addition, there seemed to be trouble in the top echelons of management. Nanula had been named CEO of Starwood, with Sternlicht chairman, but Sternlicht demoted his friend to president and gave himself back the CEO title after the New York Times ran an article on Nanula that implied that he was the head man.

Sternlicht named a former Westin executive to head Caesar's, the company's casino division, without informing the presiding Caesar's head what was happening, causing much bad blood. Juergen Bartels, who was credited with reviving Starwood's Westin brand, threatened to quit because he did not like working under Nanula, who lacked experience in the hotel industry.

Starwood's stock price fell, and in December the company announced that fourth quarter earnings would be less than estimated. Other lodging stocks did badly as well, but Starwood was clearly struggling to integrate its vast new holdings. The other half, I think I'm a jerk. Days after the Fortune story came out, Nanula quit. Several months later, Juergen Bartels also quit when it became clear he would not be offered the open position. The head of Starwood's gambling unit, which was about to be sold, also left, as did the head of the company's North American hotel operations.

Although Starwood clearly had a lot of problems, it also had enormous potential. It had several viable brands, and excess property it could unload for cash.

Starwood also began a push to renovate its Westin hotels, particularly in Europe. In February the company announced plans to hang the Westin name on these properties, as well as to build more luxury Westins in Europe. While spending millions to renovate some of the ancient Ciga properties, later in the company announced that it would sell the group. Show more Show less. Carnival chcom 8 years ago 0 Views 0 Likes Carnival Corp. Accor Added by chcom 0 Views 0 Likes. Carlson Added by chcom 0 Views 0 Likes.

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