
The Sheraton Changbaishan Resort, part of Starwood’s portfolio
CHINA’s Anbang Insurance Group, in a continued fight for Starwood Hotels & Resorts Worldwide, has raised its stake for the hotel chain to nearly US$14 billion, outbidding Marriott International’s approximately US$13.6 billion offer announced early last week.
Anbang, along with a consortium comprising Primavera Capital Group and J.C. Flowers & Co., is offering Starwood US$82.75 a share in this latest round, up from Marriott’s roughly US$79.53 per share last offered in an ongoing bidding war.
Starwood stated in a release yesterday that Anbang’s cash offer is likely to result in a superior deal to Marriott’s cash-and-stock proposal.
Discussion with the Anbang-led consortium is still continuing, and Starwood further added that “there can be no assurance that discussions will result in a binding proposal from the consortium.”
At current, Starwood shareholders are slated to meet on April 8 to approve the Marriott deal, with the transaction expected to close by mid-2016.
If Starwood decides not to go ahead with the deal, termination fees payable to Marriott amounts to US$450 million.
Analysts earlier interviewed by TTG Asia e-Daily expect Marriott to not respond with any further counter proposals and will likely walk away if Starwood decides to take up Anbang’s offer.








Jennifer Cronin (seated right) and all the Marco Polo Hotel’s ‘chief business managers’. Less than two months after Cronin took charge as president of Marco Polo Hotels, her plan to enable GMs to operate as business managers has taken shape, starting with an intensive three-day conference aimed to discuss transformational leadership, new operational standards and unique selling points for each of the 14 Marco Polo hotels, while sharing best practices and the current challenges faced.





