Shareholders approve sale of Starwood Hotels to Marriott

Holders of over 97 percent of Marriott shares present and voting at the meeting, representing over 79 percent of outstanding shares, voted in favor of a proposal to issue shares of Marriott common stock in connection with the transaction.

Holders of over 95 percent of Starwood shares present and voting at the meeting, representing over 63 percent of outstanding shares, voted in favor of a proposal to approve the transaction.

The company has struggled to grow as fast as its rivals, particularly in “limited service hotels,” smaller properties which don’t have restaurants or meeting space.

[...] scale would give the combined company pricing power when negotiating commissions with online travel agencies such as Expedia and Priceline, as well as help it land more corporate travel contracts.