Shareholders of Marriott International and Starwood Hotels & Resorts on Friday officially approved Marriott’s acquisition of Starwood—a significant milestone toward creating the world’s largest lodging company. Holders of more than 97 percent of Marriott shares and more than 95 percent of Starwood shares voted in favor of the cash-and-stock deal, which was valued at about $12.4 billion as of Thursday. Ever since the two companies announced plans to merge back in November, loyal customers on both sides of the fence have raised questions about the impact it would have on their membership and status. Once the deal closes, Marriott expects to run parallel loyalty programs as it navigates a complicated integration period and finds a way to build a bridge between Marriott Rewards and Starwood Preferred Guest. That means customers will maintain their existing member benefits for some time. In fact, Marriott doesn’t anticipate launching a newly combined program until 2018. The merger is on track to close midyear. Read more here.
