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China extends Marriott, Starwood deal review by two months

Staff Writer | August 10, 2016
China has extended its review of Marriott International's acquisition of Starwood Hotels & Resorts Worldwide by up to 60 days.
Marriott
Acquisition   China is the only remaining merger clearance
China's Ministry of Commerce (MOFCOM) review is the only remaining merger clearance for the deal, which is expected to create the largest hotel group in the world with a combined enterprise value of $36 billion and 1.1 million hotel rooms.

Hilton Worldwide Holdings, which would be No.2 behind the combined group, has 775,000 rooms.

Marriott and Starwood did not say why MOFCOM needed more time and said their planned merger did not create any anti-competitive issues in China.

The merged group would become the largest hotel operator in China with a 4.1 percent market share, followed by Homeinns Hotel & Management at 4 percent and China Lodging Group at 3.9 percent, data from research firm Euromonitor International shows.

Marriott's deal to buy Starwood, the operator of Sheraton and Westin hotels, has been cleared by antitrust authorities in more than 40 countries and territories including the United States, the European Union and Canada.


 

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