Hotels, Motels & Cruise Lines

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Marriott International Incto acquire Starwood Hotels & Resorts Worldwide

Monday, 16 Nov 2015 06:00am EST

Marriott International Inc Starwood Hotels & Resorts Worldwide:To acquire Starwood Hotels & Resorts Worldwide Inc.Says total consideration to be paid by Marriott totals $12.2 billion.Says Starwood shareholders will receive 0.92 shares of Marriott International Inc class a common stock.On pro forma combined basis,marriott and Starwood generated $2.7 billion in fee revenue in the 12 months ending September 2015.Says Marriott expects transaction to be earnings accretive by the second year after the merger.Says deal includes $2.00 in cash for each share of Starwood common stock.Says Marriott will assume starwood's recourse debt at the closing of the transaction.Says in 2015, Marriott expects to return at least $2.25 billion in dividends and share repurchases to shareholders.Says one-time transaction costs for the merger are expected to total approximately $100 to $150 million.Says arne sorenson will remain president and chief executive officer of Marriott International following the merger.Marriott's board of directors following the closing will increase from 11 to 14 members after deal close.Says transition costs are expected to be incurred over the next two years.Merger transaction has a current value of $72.08 per Starwood share.

Marriott International Incto acquire Starwood Hotels & Resorts Worldwide

Monday, 16 Nov 2015 06:00am EST

Marriott International Inc Starwood Hotels & Resorts Worldwide:To acquire Starwood Hotels & Resorts Worldwide Inc.Says total consideration to be paid by Marriott totals $12.2 billion.Says Starwood shareholders will receive 0.92 shares of Marriott International Inc class a common stock.On pro forma combined basis,marriott and Starwood generated $2.7 billion in fee revenue in the 12 months ending September 2015.Says Marriott expects transaction to be earnings accretive by the second year after the merger.Says deal includes $2.00 in cash for each share of Starwood common stock.Says Marriott will assume starwood's recourse debt at the closing of the transaction.Says in 2015, Marriott expects to return at least $2.25 billion in dividends and share repurchases to shareholders.Says one-time transaction costs for the merger are expected to total approximately $100 to $150 million.Says arne sorenson will remain president and chief executive officer of Marriott International following the merger.Marriott's board of directors following the closing will increase from 11 to 14 members after deal close.Says transition costs are expected to be incurred over the next two years.Merger transaction has a current value of $72.08 per Starwood share.

Royal Hotel to acquire property

Friday, 13 Nov 2015 01:40am EST

Royal Hotel Ltd:To acquire trust beneficial rights of a property located in Osaka, at price of 27 bln yen from MORI TRUST CO., LTD. on Nov. 17.

Chongqing New Century Cruise to issue new shares to acquire company and raise funds

Friday, 30 Oct 2015 08:00pm EDT

Chongqing New Century Cruise Co Ltd:Says plans to sell entire company assets and debts for 604.24 million yuan.To issue 442,528,730 new shares of its common stock, at the price of 29.58 yuan per share, to acquire a 100 pct stake in a Shanghai-based network technology company.Total acquisition price is 13,090 mln yuan.To issue up to 169,033,130 new shares at the price of 29.58 yuan per share, through private placement, to raise up to 5,000 million yuan.Says the proceeds raised through private placement will be used to be invested to five projects.

Interval Leisure Group to Acquire Starwood Hotels and Resorts' Vacation Ownership Business

Wednesday, 28 Oct 2015 06:30am EDT

Interval Leisure Group:To acquire Starwood Hotels and resorts' vacation ownership business to create leading, integrated shared ownership company.Combination has a total value to Starwood of approximately $1.5 billion.Says deal values vistana at about $1.5 billion based on ilg's 20-day volume weighted price as of October 26, 2015.Merger is expected to be tax-free to Starwood shareholders and is anticipated to close in the second quarter of 2016.Cash distribution and expenses associated with the transaction are expected to be financed with new borrowings by vistana.Combination will follow completion of the planned spin-off of vistana from Starwood announced on February 10, 2015.Says ilg's management team will retain their current positions.Upon closing of merger, ilg's board will consist of 13 directors: nine current ilg directors, four Starwood director appointees.Liberty interactive corporation and certain ilg executive officers entered into voting, support agreements in favor of deal.Boards of both cos approved definitive agreement under which unit of ilg will acquire,merge with vistana signature experiences.Under terms, Starwood will receive an annual base royalty fee of $30 million plus 2% of vacation ownership interest sales.Transaction value for vistana includes estimated $132 million cash distribution to be funded in connection with merger.

Genting Hong Kong Ltd acquires Singapore club brand, Zouk

Tuesday, 20 Oct 2015 08:00pm EDT

Genting Hong Kong Ltd:Acquires Singapore club brand, Zouk.Under the terms of the agreement, Genting Hong Kong will acquire Zouk's major trademarks along with the New Zouk Club in Clarke Quay, Singapore.Terms of the agreement excludes Zouk Kuala Lumpur club at Jalan Tun Razak.Zouk's trademarks along with New Zouk Club in Clarke Quay scheduled to open in third quarter of 2016.Continue to operate the annual zoukout dance music festival with the next event upcoming in December 2015.

Diamond Resorts International Inc completes acquisition of Gold Key Resorts and delivers more exciting vacation destinations

Monday, 19 Oct 2015 08:30am EDT

Diamond Resorts International Inc:Completed previously disclosed acquisition of vacation ownership business of Gold Key Resorts, adding five vacation ownership resorts in Virginia Beach, VA and one in the Outer Banks, NC.

Dalata Hotel Group Ltd announces acquisition of Clarion Hotel Cork

Tuesday, 13 Oct 2015 02:00am EDT

Dalata Hotel Group Ltd:Says it has entered into an agreement to acquire the freehold interest in the Clarion Hotel Cork, for a consideration of e35.1 million.Says tt is expected that the transaction will complete in October 2015.

Action Hotels PLC announces completion of acquisition at Melbourne Airport

Monday, 12 Oct 2015 02:00am EDT

Action Hotels PLC:Says that further to the announcement on July 1, 2015, the acquisition of the business and assets of the 73 room ibis Budget hotel at Melbourne Airport, Australia, is now complete.

Heng Fai Enterprises Ltd's GMR to acquire hospital

Friday, 9 Oct 2015 12:21am EDT

Heng Fai Enterprises Ltd:Says a subsidiary, Global Medical REIT (GMR) entered into the agreement with R&K Healthcare Real Estate LLC (Vendor).Pursuant to the Agreement, the Vendor shall sell and GMR shall acquire a hospital named as Crescent Medical Centre (Medical Facility), for $20,500,000 (about HK$158,875,000).Expected that the consideration of the Acquisition will be funded by about $11.3 million by bank borrowing and the remaining balance will be funded in cash.

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