Planned Marriott Merger

6 Months Ended

Jun. 30, 2016

Business Combinations [Abstract]

Planned Marriott Merger

Note 18. Planned Marriott Merger

On November 15, 2015, we entered into a definitive merger agreement with Marriott and we amended that agreement on March 20, 2016. The transaction was approved by Marriott and Starwood stockholders on April 8, 2016. At closing, Starwood stockholders will receive 0.80 shares of Marriott common stock and $21.00 in cash for each share of Starwood common stock. On a pro forma basis, Starwood stockholders will own approximately 34% of the combined company’s common stock after the completion of the merger. Following the closing of the merger, Marriott’s Board of Directors will increase from 11 to 14 members with the expected addition of three members of the Starwood Board of Directors.

The transaction is expected to close in the coming weeks and is subject to regulatory approval in China and the satisfaction of other customary closing conditions.