Marriott buys rival Starwood for $12.2 billion

November 16, 2015 12:39 PM

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NEW YORK - Marriott International (MAR) is buying rival hotel chain Starwood (HOT) for $12.2 billion in a deal that will secure its position as the world's largest hotelier.

The stock-and-cash deal, if completed, will add 50 percent more rooms to Marriott's portfolio and give it more unique, design-focused hotels that appeal to younger travelers.

Also read: BAT in $47 billion offer for rest of Reynolds

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