Anbang ups Starwood offer to $14B

New bid tops Marriott's $13.6B proposal from last week

TRD LOS ANGELES /
Mar.March 28, 2016 01:00 PM

From the New York site: 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.

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


Related Articles

arrow_forward_ios
Marriott CEO Arne Sorenson and an aerial of the property (Credit: Google Maps)

Developer files plan for 168-key Marriott in Exposition Park

Developer files plan for 168-key Marriott in Exposition Park
Lyric founders Andrew Kitchell and Joe Fraiman and a Lyric-managed unit in Houston

Startups and hospitality giants are embracing “apartment hotels”

Startups and hospitality giants are embracing “apartment hotels”
Anbang gets $9.7B bailout

Anbang gets $9.7B bailout

Anbang gets $9.7B bailout
Dual-branded hotel going up and up near SpaceX

Dual-branded hotel going up and up near SpaceX

Dual-branded hotel going up and up near SpaceX
China’s Anbang takeover could prompt national security review

China’s Anbang takeover could prompt national security review

China’s Anbang takeover could prompt national security review
China said to be taking offers for a handful of Anbang’s former US hotels

China said to be taking offers for a handful of Anbang’s former US hotels

China said to be taking offers for a handful of Anbang’s former US hotels
Paydirt: JPMorgan HQ, Anbang gets a chaperone & other industry news you need to start your week

Paydirt: JPMorgan HQ, Anbang gets a chaperone & other industry news you need to start your week

Paydirt: JPMorgan HQ, Anbang gets a chaperone & other industry news you need to start your week
Blackstone is in early talks to buy billions in real estate from Anbang

Blackstone is in early talks to buy billions in real estate from Anbang

Blackstone is in early talks to buy billions in real estate from Anbang
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...