NO-HEADLINE

Click to follow
The Independent Online
Marriott International, the US hotels group, is to pay $1bn (pounds 625m) for Renaissance Hotels of the Netherlands. Renaissance operates and franchises 150 hotels in 38 countries under names such as New World and Ramada.

The deal forced Doubletree Hotels to withdraw from the fray, saying the price was too high.

The combined group will operate or franchise more than 1,300 hotels around the world including nearly 200 outside the US. JW Marriott, chairman of Marriott International, said the deal provided a dramatic increase in rooms and market position for Marriott. "With the addition of these brands we immediately reach customers in 40 new markets including Russia, China, Japan and India. It more than doubles our presence outside the US."

Marriott plans to open more hotels under the New World name in the Asia- Pacific region. The Renaissance brand will be expanded in America.

Comments