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  • American City Business Journals4 months ago

    Marriott to acquire Starwood after Anbang yanks offer

    Marriott International Inc. has won the intense bidding war to acquire Starwood Hotels & Resorts Worldwide Inc. A consortium led by China's Anbang Insurance Group Co. issued a surprise statement saying it has backed away from its $14 billion bid for Starwood, positioning Marriott (MAR) and its $13.6 billion offer as the leading contender. “We were attracted to the opportunity presented by Starwood because of its high-quality, leading global hotel brands, which met many of our acquisition criteria, including the ability to generate consistent, long-term returns over time. The consortium's decision to withdraw would represent a major victory for Marriott and its CEO, Arne Sorenson.

  • Associated Press4 months ago

    Blackstone selling Strategic Hotels to Anbang for $6.5B

    Blackstone Group has agreed to sell Strategic Hotels & Resorts Inc. to a Chinese firm for $6.5 billion, according to a person familiar with the deal. The agreement with China's Anbang Insurance Group comes ...