Dubai-Mubasher: Marriott International completed the acquisition of Starwood Hotels and Resorts Worldwide, according to a statement.

Marriott’s board increased from 11 to 14 members as of Firday.

Marriott’s acquisition of Starwood enables the combined company to expand the scope of its distribution and portfolio while deploying its larger scale to realize cost efficiencies in its corporate and property operations.

One-time transaction costs for the merger are expected to total approximately $140 million, the statement added.

Marriott seeks to take the steps necessary to cause Starwood’s outstanding public debt to be equal with the outstanding public debt of Marriott International.

Lazard and Citigroup were financial advisors to Starwood Hotels and Resorts Worldwide and Deutsche Bank Securities and Goldman Sachs were the financial advisors to Marriott International.