Starwood Receives Higher Offer from Anbang, Once Again Derailing Marriott Bid
In a move that sounds suspiciously like a scene from the movie “Groundhog Day,” Starwood Hotels and Resorts announced it had received a “superior proposal” from a consortium led by Anbang Insurance Group to acquire the lodging company.
The hotelier said that Anbang had offered $82.75 per share, or about $14 billion, in a statement released Monday morning. Last week, Marriott International had offered a deal valued at $13.8 billion, although it had fallen to $12.8 billion or $75.91 per share based on its closing price on Thursday.
Starwood had agreed to a deal with Marriott late last year, in which Marriott would have acquired Starwood for $10.8 billion. On March 14, Anbang announced a $13 billion offer for Starwood, derailing the Marriott deal.
Marriott “reaffirmed its commitment” to acquire Starwood Monday, saying it was “confident that the previously announced amended merger agreement is the best course for both companies.”
Anbang recently announced a deal to acquire Strategic Hotels and Resorts from the Blackstone Group in a $6.5 billion deal. That group owns 18 luxury properties, including 17 in the United States and one in Germany.
(Photo: Accura Media Group)