Shares of Starwood Hotels and Resorts jumped about 5% Wednesday after a report that Hyatt Hotels was in advanced talks to buy the company.
The negotiations have been going on for weeks and could be announced in as little a week, according to CNBC. Hyatt management would take control of the combined companies, the report said, citing unnamed sources.
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Speculation over Starwood’s future has run high as the company has trailed competitors such as Marriott and InterContinental Hotels Group in growing its brands, which include Sheraton, W Hotels, and Aloft.
Read the full story AmericasMarkets.usatoday, by ntrejos
Hyatt’s management would retain control of the combined company and a deal could be announced in the coming weeks, the source told Reuters.
Starwood is valued at about $12.75 billion while Hyatt has a valuation of about $7.23 billion. Both the companies declined to comment.
Read the fullstory at Reuters, by Greg Roumeliotis, Arathy S Nair and Arunima Banerjee
