New York: Marriott International Inc announced an agreement to buy competitor Starwood Hotels and Resorts in a $12.2 billion transaction that will create the world's largest hotel chain.


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Starwood stockholders would receive 0.92 Marriott Class A share and $2 in cash for each share, Efe cited the companies as saying in a joint statement.


The combined company will be the world's largest hotelier, with 1.1 million rooms in more than 5,500 facilities across over 100 countries and an annual turnover of $2.7 billion.


The deal, subject to approval from both companies' shareholders and from regulators, is expected to close by mid-2016, the statement said.


Marriott CEO Arne Sorenson will head the combined company, whose headquarters is to remain in Bethesda, Maryland. Three Starwood directors will join an expanded 14-member board.