Assignment First



  在談到萬豪修訂後的報價時,首席執行官索倫森表示,公司正在進行重大的財務戰略調整。萬豪在重新制定的戰略選擇中增加了clear服務。該公司發現,現在的交易甚至比上一輪更好。他們與喜達屋的交流和合作越多,協同增長的渠道就越明顯(Yu 2016)。該公司在向喜達屋再次提出提高報價的前一週,利用了其持有的較高股價。該公司首席執行長索倫森(Sorenson)在交易完成後的投資者會議上指出,這筆交易將爲股東創造強大的價值。


  據他說,創建最大的單一酒店公司的“成本協同效應”是這筆交易的“最不具戰略意義”的方面,關鍵的戰略視角是他強調的喜達屋和萬豪的個人忠誠獎勵計劃。平均每間可用房收益指數(RevPAR Index)與萬豪的差距爲9.4點,這一差距預計將使喜達屋的忠實客戶羣體對萬豪更廣泛的4500家酒店的貢獻貢獻更大。喜達屋的客戶獎勵計劃享有比萬豪更高的用戶基礎。











  For Starwood the excitement is in “hitting” their disposal targets. His company would continue to divest many of its assets worth $1 billion through the year. One particular segment is the timeshare unit. The disposal has attracted huge demand, especially from “foreign” wealth funds the Connecticut hotelier noted. These sovereign investors included earlier aspirants to own the brand, Anbang and a few other of similar size.

  Speaking on Marriott revised offering, CEO Sorenson states that there was major financial re-strategizing. Marriott increased its offering clear in its re-worked strategic option. The company found that the transaction was now even better, than the previous round. The more they spoke and worked with Starwood, the avenues synergic growth become increasingly evident (Yu 2016). The company leveraged the stronger stock price it held, the week prior to its renewed proposal to Starwood to increase its offer. CEO Sorenson, during an Investor Meeting post the deal, noted that transaction would ‘create strong value’ for shareholders.

  Strategic Perspective

  According to him, the ‘cost synergies’ of creating the single largest hospitality company was the ‘least strategic’ aspect of the deal, the Key Strategic Perspective, he emphasized was the individual loyalty programs of Starwood and Marriott Reward. The difference in average RevPAR Index – at 9.4 points – between Starwood and Marriott is expected to capture more shares from Starwood’s loyal customer group towards Marriott’s wider offering of 4,500 hotels. Starwood customer reward programs enjoy higher user base than Marriott’s.

  The strategic lines for the two companies are as follows, according to Sorenson’s media conference-

  Index performance of Starwood portfolio is to increase from its current one point for $10 million annual fees. Marriott’s is $20 million annually.

  Marriott International would focus on delivering incremental business

  Sales force are to be aligned at same level of resources against customer’s needs

  Goal is to increase market share. Going from competitors to merged entities would allow the company the option to convert market share favourably.

  Combining individual capacities, better terms can be leveraged.

  Margin improvement is expected to be significantly higher for both managed as well as franchised hotels.

  Development pipeline to be hugely impacted by key input – ‘revenue lift cost synergy’

  Synergies of customer satisfaction levels that are possible are the real driver of the deal for Sorenson.