Marriott agrees to buy Starwood Hotels for $12.2B

Marriott International announced today it agreed to buy Starwood Hotels and Resorts Worldwide for $12.2 billion in cash and stock, creating the world’s largest hotel company.

Marriott would pay $72.08 a share in cash and stock for Starwood, whose brands include Westin, the W, Sheraton and St. Regis.

In October, anonymous sources said Hyatt was preparing a cash-and-stock bid for Starwood.

Read more from The New York Times.