A merger craze seems to be taking hold this month: first there was the mega beer merger between Anheuser-Busch InBev and SABMiller, then news this morning that pharmacy giants Walgreens Boots Alliance and Rite Aid were headed down the aisle. Now, it looks as if the need to grow by expanding one’s portfolio has trickled into the lodging industry.
Hyatt Hotels is reportedly in talks to purchase Starwood Hotels and Resorts Worldwide – the operator of brands like Sheraton, St. Regis, W, and Westin, Reuters reports.
Sources familiar with the talks say the deal could be announced in coming weeks and that Hyatt’s management would likely retain control of the combined company.
While a price for the potential deal wasn’t provided by the sources, analysts say the hotel company could be valued at more than $17 billion.
Both hotel companies declined to provide comment on the potential deal.
Starwood first announced in April that it had decided to explore a sale. Several months later the company had reached out to potential bidders such as InterContinental Hotels Group Plc, Wyndham Worldwide Corp and sovereign wealth funds, Reuters reports.
The company announced on Wednesday that it had sold its vacation ownership business to Interval Leisure Group for $1.5 billion.
Hyatt in talks to buy Starwood Hotels – source [Reuters]
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