As announced on November 16, 2015, Starwood entered into a definitive merger agreement with Marriott International, Inc. (NASDAQ: MAR) (“Marriott”) under which Marriott would acquire Starwood in a stock and cash transaction. Starwood has received a waiver from Marriott enabling it to engage in discussions with, and provide diligence information to, the Consortium in connection with its proposal. Starwood commenced discussions with the Consortium on March 11, 2016. The Marriott waiver expires at 11:59 pm Eastern Time on March 17, 2016.