Starwood Accepts Marriott's Improved Offer; Signs Historic Cuba Hotel Deal | Connecticut Public Radio

Starwood Accepts Marriott's Improved Offer; Signs Historic Cuba Hotel Deal

Mar 21, 2016

The drama involving Stamford’s Starwood Hotels and Resorts continues. It now looks as if the company will go with its original merger partner after all. 

Earlier this year, Starwood announced it would merge with Marriott International. But that seemingly done deal was disrupted this month as the Stamford company got a better offer from China's Anbang Insurance.

Just last Friday, Starwood announced it would accept the Chinese bid -- but over the weekend, Marriott countered.  

On Monday morning, Starwood accepted that improved bid of $13.6 billion.

No word yet on what the tie-up may mean for Starwood’s Stamford headquarters, although Marriott has said that it expects to realize $250 million in cost savings as the two merge. Its CEO, Arne Sorensen, will head up the combined company.

Starwood's brands include Sheraton and Westin.

Meanwhile Starwood, which is having a busy morning, has announced it will be the first U.S. chain to manage hotels in Cuba since the lifting of the economic embargo. The company identified three properties in and around Havana that it will take over from the Cuban government.

The city's Hotel Inglaterra will become part of Starwood’s Luxury Collection, as will Hotel Santa Isabel. And the Hotel Quinta Avenida, also in Havana, will become a Four Points by Sheraton.

The deal comes as President Obama makes his historic visit to the island nation.