BTN named Sorenson among its 25 most influential
executives of 2015 for the company's acquisition of Delta Hotels and planned
acquisition of Starwood Hotels & Resorts. Now, Marriott's emergence as the
victor of a heated 2016 bidding war for Starwood, plus Sorenson's moves since,
have landed him back on the list this year.
Over three weeks in March, Sorenson went head-to-head with a
Chinese consortium led by Anbang Insurance Group that came out of nowhere to
offer an unsolicited bid for Starwood. When all was over, Marriott was back on
track to acquire Starwood but at a price tag more than $1 billion higher than
originally agreed upon.
The transaction closed in September, bringing together 1.1
million rooms across 5,700 properties. Sorenson estimated Marriott will realize
$250 million in annual corporate cost synergies, enhancing revenue
opportunities for its managed and franchised properties.
Tasked with integrating the companies smoothly, Sorenson has
pledged to keep all 30 brands. In December, the company released new brand
categories, labeling the brands as either Classic or Distinctive and further
breaking them down into luxury, premium, select and longer-stay tiers.
While Marriott Rewards, Ritz-Carlton Rewards and Starwood
Preferred Guest, totaling 85 million loyalty members, aren't set to merge until
2018, Sorenson satisfied SPG skeptics on Day One when Marriott introduced
status matching across the programs with one converted SPG point equaling three
Marriott Rewards or Ritz-Carlton points.
In the corporate space, Marriott has plenty of work to do to
understand the client base it inherited from Starwood, Sorenson said in
November. Meanwhile, concerns remain about the impact Marriott's increased
power and presence will have on 2018 hotel negotiations.