Starwood receives nearly $14B buyout bid from Chinese group
Source: Business Standard
A fight for control of the Starwood hotel chain is under way following a USD 14 billion buyout offer today from a consortium led by China's Anbang Insurance Group.
Anbang, which remains largely unknown to most Americans, has quickly positioned itself to become a player in the US hotel industry, acquiring marquee properties.
It made a splash in the fall of 2014 when it bought New York's Waldorf Astoria for almost USD 2 billion. And just days ago, it cut a USD 6.5 billion deal for Strategic Hotels & Resorts Inc., which owns tony properties like The Westin St. Francis in San Francisco, JW Marriott Essex House in New York and Hotel Del Coronado in San Diego. Strategic also owned five different Four Seasons hotels, two Ritz Carltons and six other luxury properties.
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