Anbang ups Starwood offer to $14B

Miami /
Mar.March 28, 2016 11:15 AM
 

From the New York websiteAnbang Insurance Group, undaunted by competition from Marriott International, further upped its bid for Starwood Hotels & Resorts, now offering a staggering $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 $1.8 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
Renderings of the project with developer Rishi Kapoor (Location Ventures)
Rishi Kapoor launches Edition Residences in Fort Lauderdale
Rishi Kapoor launches Edition Residences in Fort Lauderdale
Rentyl Resorts' Nick Falcone (Rentyl Resorts)
5 minutes with hospitality investor Nick Falcone
5 minutes with hospitality investor Nick Falcone
Renderings of the Hollywood Courtyard by Marriott hotel (Adache Group Architects)
MHG Hotels plans to redevelop downtown Hollywood properties into Courtyard by Marriott
MHG Hotels plans to redevelop downtown Hollywood properties into Courtyard by Marriott
Dynamic City's Joel Sybrowsky and Cory Turner with Fort Lauderdale (Key International, Dynamic City, iStock)
Dynamic City Capital pays $74M for newly built AC Hotel by Marriott in Fort Lauderdale
Dynamic City Capital pays $74M for newly built AC Hotel by Marriott in Fort Lauderdale
Key International’s founder Jose Ardid, Diego Ardid and Inigo Ardid; Wexford Real Estate Investors’ Joseph Jacobs (Key International, Wexford Capital)
AC Hotel by Marriott in Fort Lauderdale scores TCO
AC Hotel by Marriott in Fort Lauderdale scores TCO
From left: Greg Friedman (buyer), managing principal and CEO, Peachtree Hotel Group, and David Leatherwood (seller), CEO and managing member, Norwich Partners (Peachtree Hotel Group, Norwich Partners, Booking.com, iStock)
Peachtree buys AC Hotel by Marriott in Aventura for $50M
Peachtree buys AC Hotel by Marriott in Aventura for $50M
South Beach Miami (Credit: iStock)
Miami hotels prepare for layoffs and other budget cuts as occupancy plummets
Miami hotels prepare for layoffs and other budget cuts as occupancy plummets
Shane Neman, and Mauricio Bello Richard Waserstein, with 525 Northwest 77th Street Marriott in Boca
Blackstone sells Marriott hotel in Boca Raton
Blackstone sells Marriott hotel in Boca Raton
arrow_forward_ios

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

Loading...