The Competition Commission has approved the proposed acquisition of Starwood Hotels & Resorts Worldwide by Marriott International Inc, a deal that would create the world’s largest hotel company.
Post deal, estimated to be worth about USD 12.2 billion, the combined entity would have more than 5,500 hotels spread across 100 countries, according to agencies.
Both the groups manage upscale hotel accommodation and related services under different brand names in India. Neither Marriott nor Starwood own or lease any hotels in India.
In a tweet, Competition Commission of India (CCI) said it has approved “acquisition of Starwood Hotels & Resorts Worldwide by Marriott International”.
The board of directors of both entities have approved the proposed merger which would create the world’s largest hotel company, Marriot had said in a statement in November 2015.