萬豪收購喜達屋併購後整合分析

Abstract

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This paper aims to examine the post-merger integration (PMI) approach adopted by Marriott International, Inc. and compare against the target company’s perception, and evaluate the impact of the applied PMI approach on the success of the merger and acquisition. Marriott’s acquisition of Starwood Hotels & Resorts Worldwide is one of the notable M&A deals in the hotel industry history and it creates the largest global hotel group since 2016. M&A often experiences high failure rate due to the inadequate management in the integration phase. Yet little research has been done to investigate the PMI of this deal as well as the potential impact on the merged corporation’s performance. Interviews with three personnels who either work in hotels under any Marriott’s brands or under any Starwood’s brands before and after the M&A were conducted as the primary data source. Together with the secondary data collected from company official announcements, published annual reports, reliable news articles, reports and journals from various websites, it is found that Marriott had implemented varying PMI approaches, while Starwood had a different perception. The inconsistent approaches adopted could partially delivered the expected synergy and had adverse influence on Marriott’s performance in the early post-merger phase. The findings suggest that when the acquiring and acquired companies are in close proximity, priority shall be given to the people-focused dimension during integration. Additionally, maintaining constant and consistent communication is crucial for successful PMI, and provide insights for future possible mega M&A deals in the hotel industry.