As digital upstarts like Airbnb encroach on the future of the hospitality industry, one major hotelier has reassessed the power of consolidation.
"This deal financially ... is not as good as the one in November. The deal we got in November, in retrospect, maybe was too good a deal," Marriott CEO Arne Sorenson told CNBC's "Squawk on the Street.""We made a significant move over the course of the weekend, and decided we are really interested in the strategic power of this platform: Let's put a significantly increased offer — but one that will create value for our shareholders — on the table. Starwood's board's accepted it and we're ready to go."