Marriott buys Starwood for $12.2-billion, creates world’s largest hotel chain

Marriott shares were up 1.2% at $73.59 in afternoon trading in NY, while Starwood shares fell 3.8% to $72.18.<br />The combined Marriott and Starwood company would have more than 5,500 owned or franchised hotels with 1.1 million rooms globally, and would have posted more than $2.7 billion in fee revenue for the 12 months ended September.<br />Marriott said it expects the deal to close in the middle of next year, with the transaction contributing to earnings in the second year after the merger concludes.<br />The deal, executives of both chains said, offers both companies opportunities to grow, reduce costs and attract younger travelers.