Anbang Insurance Group, undaunted by competition from Marriott International, further upped its bid for Starwood Hotels & Resorts, now offering $14 billion.
The Beijing-based insurer promised $82.75 per share for the hotel group, which manages 1,200 properties worldwide, including brands such as the Sheraton, W and St. Regis, Bloomberg reported.
Anbang and Marriott are in the midst of a bidding war for the company. Late last week, Marriott offered Starwood shareholders $21 in cash and 0.8 shares of Marriott per share of Starwood, worth about $13.6 billion, topping Anbang’s previous offer worth $13.2 billion.
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Anbang – China’s largest insurer, with deep ties to the state – bought the Waldorf Astoria hotel in 2014 for $1.9 billion. The company also bought the 16-property Strategic Hotels & Resorts portfolio from the Blackstone Group last month for $6.5 billion.
Various other suitors have sought to bid on Starwood, which went the market in April, including Hyatt Hotels, InterContinental Hotel Group, Wyndham Worldwide, Shanghai Jin Jiang International Hotles, and China’s sovereign-wealth fund. [Bloomberg] – Ariel Stulberg