Marriott International Inc. (Nasdaq: MAR) is buying Starwood Hotels & Resorts Worldwide Inc. (NYSE: HOT) for $12.2 billion to create the world’s largest hotel company, beating other suitors, which reportedly included Hyatt Hotels Corp.

Marriott is paying $2 a share in cash and 0.92 of its own stock for Stamford, Connecticut-based Starwood, the companies said in a statement on Monday.  The new group will operate or franchise more than 5,500 hotels with 1.1 million rooms worldwide.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.