Marriott and Starwood said Monday that Marriott would pay $79.53 a share for Starwood to create by far the world’s largest hotel company. Additionally, Marriott’s offer includes $20 per Starwood share in cash, up from $2 per share in cash in November. Marriott also said Monday that the combined company will be able to reduce annual costs by $250 million a year within two years. Marriott previously estimated annual cost savings at $200 million. Starwood’s termination fee for ending an agreement with Marriott has been increased to $450 million from $400 million. Both companies have agreed to convene stockholders meetings on March 28 to vote on the amended agreement. “After five months of extensive due diligence and joint integration planning with Starwood, including a careful analysis of the brand architecture and future development prospects, we are even more excited about the power of the combined companies and the upside growth opportunities,” Marriott CEO Arne Sorenson said in Monday’s statement. Get the full story at Travel Weekly Read also "Starwood accepts “superior” Chinese takeover bid"