Marriott / Starwood Hotels & Resorts Acquisition Review of S-4 Registration Statement

1. List the important terms of the deal as outlined in the S-4 including pricing, structure, method of payment and other important provisions.

2. Provide a critique of the rationale for the transaction outlined by both Marriott and Starwood. Are the reasons provided sufficient to justify the deal? Discuss the more relevant risk factors. Which side appears to have had the upper hand in negotiations? Prior to looking at the offer price in more detail, do you think this will be a good deal for Marriott in the long run?

3. Provide your views on the valuation analyses performed by the advising investment banks.

4. Using the historical financial statements of Starwood (see attached excel file), estimate the future cash flows of the company using reasonable assumptions.

Conduct a DCF / IRR analysis with reasonable terminal value assumptions. From the perspective of a Marriott shareholder, are you satisfied that this acquisition will create an acceptable rate of return?

Attachment:- Assignment.rar