Stockholders Okay Marriott, Starwood Merger

Sorenson will serve as CEO of the combined company post-merger.

BETHESDA, MD—The merger between two giants of the lodging sector moved a step closer to reality Friday as shareholders in Marriott International Inc. and Starwood Hotels & Resorts Worldwide Inc. voted to approve Marriott’s acquisition of Starwood. The separate votes by stockholders in each company came a little more than a week after a consortium led by Anbang Insurance Group Co. Ltd. abruptly withdrew an all-cash offer to buy Starwood for about $14 billion.

“With today’s successful stockholder approval milestone, we are that much closer to completing our transaction,” says Arne Sorenson, Marriott’s president and CEO.  “Our teams continue to plan the integration of our two companies, and we are committed to a timely and smooth transition. We appreciate the stockholders’ vote of confidence in our ability to drive long-term value and opportunity as a combined company.”