Marriott buys Starwood Hotels for $12.2b

US-based Marriott International said Monday that it has purchased Starwood for $12.2 billion, creating the world's largest hotel chain bringing together such famous institutions as Ritz-Carlton, Renaissance, W, Westin and Sheraton.

The boards of directors of both companies unanimously approved the merger, under which the companies will operate or franchise more than 5,500 hotels with 1.1 million rooms worldwide. _AFP