Cravath, Gibson Dunn Reserve Roles on Hotel Industry Megamerger
The two Am Law 100 firms are advising on Marriott International's $12.2 billion cash-and-stock acquisition of Starwood Hotels and Resorts Worldwide, a deal that if completed will create the world's largest hotel company.
November 16, 2015 at 10:59 AM
5 minute read
Creating the world's largest hotel company takes more than mastering rooms and rates—retaining a pair of leading Am Law 100 firms cozy with two travel industry titans can help seal the deal, expected to close by mid-2016.
On Monday, Marriott International announced that it had agreed to acquire Starwood Hotels and Resorts Worldwide in a $12.2 billion cash-and-stock transaction, one that if completed will unite two major operators of hotel brands and forge a dominant player in the hospitality and lodging sector, as noted by sibling publication GlobeSt.
Gibson, Dunn & Crutcher has taken the lead on the deal for Bethesda, Maryland-based Marriott, which controls the Courtyard, Residence Inn and Ritz-Carlton hotel chains. Stephen Glover, co-chair of the firm's M&A practice, is leading a team of lawyers from the firm working on the matter. Glover told The Am Law Daily in an interview Monday that Gibson Dunn's relationship with Marriott goes back a decade.
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