Marriott buys rival Starwood for $12.2 billion

Marriott International is buying rival hotel chain Starwood for $12.2 billion in a deal that will secure its position as the world's largest hotelier.

The stock-and-cash deal, if completed, will add 50 percent more rooms to Marriott's portfolio and give it more unique, design-focused hotels that appeal to younger travelers.

The new company will have 5,500 properties with more than 1.1 million rooms around the world, uniting Starwood's brands, which include Sheraton, Westin, W and St. Regis, with Marriott's two dozen brands, including Courtyard by Marriott, Ritz-Carlton and Fairfield Inn.