Marriott International, Inc., reached a $12.2 billion deal to acquire Starwood Hotels & Resorts Worldwide, Inc., this week, creating the world’s largest hotel company with more than 1 million rooms around the globe.

Under the terms of the definitive merger agreement, Starwood shareholders will receive 0.92 shares of Marriott international, Inc., along with $2 in cash for each Starwood share, for a total of $11.9 billion in stock and $340 million cash.

Starwood shareholders will separately receive consideration from the spin-off of the Starwood timeshare business and subsequent merger with Interval Leisure Group, with an estimated value of approximately $1.3 billion to Starwood shareholders or approximately $7.80 per Starwood share.

Subject to shareholder approvals, completion of Starwood’s planned disposition of its timeshare business, regulatory approvals and the satisfaction of other customary closing conditions, the transaction is expected to close mid-2016.

The merger will create a portfolio of more than 5,500 hotels with 1.1 million guestrooms worldwide under 30 brands. Arne Sorenson will remain president and chief executive officer of Marriott International following the merger, and Marriott’s headquarters will remain in Bethesda. Marriott’s Board of Directors following the closing will increase from 11 to 14 members with the expected addition of three members of the Starwood Board of Directors.

Reports in October revealed Starwood was in merger talks with Hyatt Hotels Corp., according to The Wall Street Journal. Marriott became interested in a deal with Starwood in the spring when the hotel company announced a review of its strategic alternatives including a possible sale or merger, said Arne Sorenson, CEO, Marriott International, Inc., to The Wall Street Journal.

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