Whitbread announced Monday that they have reached agreement on the terms of a recommended cash offer to acquire Swallow Group and its 38 quality-tier hotels for approximately 578 million pounds sterling ($936 million), with plans to convert a majority of the acquired properties to Marriott-branded hotels. 

The company anticipates, subject to Swallow shareholder approval, completing the acquisition in the next few months and converting the hotels over two years as it finishes capital improvements on them. Whitbread, which franchises a total of 35 Marriott-branded hotels in the UK (25 Marriott hotels and 10 Courtyards by Marriott), cited the powerful competitive advantages of Marriott�s worldwide reservations system and its industry-leading guest loyalty program, Marriott Rewards.

According to Marriott, Whitbread�s expected acquisition and conversions will expand Marriott�s status as one of the leading quality-tier hotel brands in the UK, and reinforce the strong preference for the Marriott brand among franchisees worldwide. Once Whitbread completes the conversions, Marriott will have an expanded presence in London and in other UK cities, including Birmingham, Manchester, Liverpool, Sheffield, Edinburgh, and Dundee.

MARRIOTT INTERNATIONAL, INC. (NYSE: MAR) is a leading worldwide hospitality company with over 1,900 operating units in the United States and 58 other countries and territories. This press release contains �forward-looking statements� within the meaning of federal securities law, including statements concerning the number of hotels expected to be added in future years, business strategies and their intended results, and similar statements concerning anticipated future events and expectations that are not historical facts.