EU Approves Marriott's Acquisition Of Starwood Hotels

(RTTNews) - The European Commission has cleared the acquisition of Starwood Hotels & Resorts (HOT) by Marriott International (MAR). The Commission found that the takeover would not adversely affect competition in Europe.

Commissioner for Competition, Margaret Vestager, said "This is an important merger for the hotel industry and its customers. Our investigation confirmed that the hotel sector will remain competitive for customers in Europe following the merger, so I am pleased that the Commission was able to clear the transaction quickly".

Both companies are mainly active as managers and franchisors of hotels worldwide. At global level, more than 4500 hotels in 85 countries operate under a Marriott brand and about 1300 hotels in nearly 100 countries under a Starwood one.

The Commission assessed the impact of the proposed acquisition on competition in Europe in the market for hotel accommodation services and in the markets for hotel management and hotel franchising services.