Starwood-Marriott merger likely to proceed despite last minute China bid
March 30, 2016
Marriott’s proposed merger with Starwood Hotels & Resorts appears back on track following a revised bid which topped a last-minute bid from a group led by China’s Anbang Insurance Group. The ‘sweetened’ US$13.6 billion deal from Marriott involves a greater cash component than previously proposed.
Anbang has been an aggressive player in the international hotel market, recently purchasing U.S. luxury hotel owner Strategic Hotels & Resorts from the Blackstone Group for US$6.5 billion.
If the merger of Starwood and Marriott proceeds it will create the world’s largest hotel network with 30 brands and over one million rooms.