Starwood and Design Hotels Announce Conclusion of Domination Agreement
Starwood Hotels & Resorts Worldwide, Inc. and Design Hotels AG have startednegotiations regarding the conclusion of a domination agreement (Beherrschungsvertrag) with Starwood Hotels & Resorts Worldwide, Inc. being the dominating company and Design Hotels AG being the dependent company. These negotiations will be concluded shortly.
After the finalization of the valuationwork by the jointly commissioned valuation expert, Design Hotels AG and Starwood Hotels & Resorts Worldwide, Inc. agreed today, subject to the final result of the assessment by the court appointed auditor and the approval of the supervisory board of Design Hotels AG, that the domination agreement will provide for a cash compensation pursuant to Section 305 of the German Stock Corporation Act ("AktG") in the amount of EUR 2.25 per share and a guaranteed dividend pursuant to Section 304 AktG in the amount of EUR 0.10 gross per share (EUR 0.08 net per share) for each full financial year.
The domination agreement must be signed by the authorizedrepresentatives of both companies and requires the approval of the general shareholders' meeting of Design Hotels AG, which will presumably take place on 21 July 2014, and registration with the commercial register of Design Hotels AG.
About Design Hotels
Design Hotels™ represents and markets a curated selection of over 300 independent hotels in more than 60 countries across the globe. More than a collection of hotels, the company is a collection of stories. Each property reflects the ideas of a visionary hotelier, an "Original", someone with a passion for genuine hospitality, cultural authenticity, thought-provoking design and architecture. Each "Original" stands for the individual, aesthetic and service-driven experience that his or her hotel provides.
In 2017, Design Hotels™ launched Further, a traveling laboratory for experiential hospitality that transforms hotels across the globe into temporal hubs of thematic exploration. The mission behind Further aligns with the values of the future-facing Promad, a new generation of traveler embracing progressive travel and global nomadism. First identified by Design Hotels™ in collaboration with leading futures consultancy The Future Laboratory, the purpose-driven, self-actualizing Promadic movement is set to shape the future of hospitality.
Founded by Claus Sendlinger in 1993, Design Hotels™ offers its members insightful travel industry knowledge, from market trend consultancy to international sales representation. The company has its headquarters in Berlin and branches in London, Los Angeles, New York and Singapore. In 2019, Design Hotels™ joined forces with Marriott Bonvoy, enabling its member hotels to have both a greater and more selective reach while offering its Community the benefit of the industry's leading loyalty program.
Marriott International, Inc. (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of nearly 8,000 properties under 30 leading brands spanning 139 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company offers Marriott Bonvoy®, its highly-awarded travel program. For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on Twitter and Instagram.