Navigate this market better. Subscribe for FREE stock alerts and information.

Wednesday, October 28, 2015

Hyatt in talks to purchase Starwood Hotels - source, (NYSE: H)

Hyatt Hotels Corp is in talks to purchase U.S. hotel operator Starwood Hotels and Resorts Worldwide Inc in a cash and stock deal, a source familiar with the matter said.Hyatt's management would retain control of the combined company and a deal could be announced in the coming weeks, the source told Reuters.Starwood is valued at about $12.75 billion while Hyatt has a valuation of about $7.23 billion. Both the companies declined to comment. China's sovereign wealth fund and two big Chinese companies had expressed interest in Starwood Hotels, joining other suitors from around the world, a source familiar with the matter told Reuters on Tuesday.

Shares of H fell by 0.69% or $-0.35/share to $50.20. In the past year, the shares have traded as low as $45.71 and as high as $62.48. On average, 480400 shares of H exchange hands on a given day and today's volume is recorded at 2272481.