The management of Marriott and Starwood Hotels & Resorts have agreed to merge the two entities in order to create world’s largest chain of hotels. Marriott had to improve its original offer for Starwood Hotels after the Chinese insurance group Anbang submitted a competing offer last week of $78 per share, for a valuation of $13.1bn. Marriot came back with an offer of $79.53 per share and a valuation of $13.6bn. However, Marriott has improved the proposal for $ 21 per title, plus the allocation of 0.8 shares of the company itself to investors Starwood. In Portugal, Starwood Hotels holds the Pine Cliffs hotel in Albufeira, and the Convento do Espinheiro in Évora.
