Huge Bid for Starwood Hotels Puts Chinese Firm in Spotlight
Beijing — A $14 billion bid for Starwood Hotels and Resorts Worldwide Inc. surfaced Monday, putting a spotlight on Chinese firm Anbang Insurance Group and complicating a plan to meld Starwood and Marriott International Inc. into the largest hotel company. Starwood told Marriott on Friday that it received an unsolicited offer from a consortium led by Anbang, according to a statement released Monday by Marriott. Starwood confirmed that...
Marriott to Buy Starwood, Creating the World’s Largest Hotel Company
Marriott International, the Bethesda, Md.-based hotel behemoth, said Monday it has agreed to buy Starwood Hotels & Resorts in a $12.2 billion deal that would create the world’s largest hotel company. The combined hotelier would own or franchise 5,500 properties and be the only company to have more than 1 million hotel rooms. The cash and stock purchase marks the largest hotel deal since the private equity firm Blackstone Group...
