[Breaking News] Starwood receives yet another offer from Chinese Consortium
Anbang has now offered $14 billion for the Starwood hotel group, which exceeds Marriott’s prior offer last week of $13.6 billion. The bidding war is in full swing with Anbang now making it’s second offer. It’s important to note that Marriott is a publically traded company and Anbang’s “consortium” is led by a massive chinese insurance company. Marriott will most likely not be able to continue to match these increasing bids as the cost of Starwood will not be justifiable to shareholders.
Nov ’15: Marriott Offers $12.2 Billion
March 18th: Anbang offers $13.2 billion
March 21st Marriott Counters at $13.6 billion
March 28th: Anbang offers $14 billion
Our hope here at Thrifty Traveler is that Marriott won’t counter and that Anbang will ultimately purchase Starwood. It is likely that the Starwood Preferred Guest (SPG) program would remain mostly intact with an Anbang purchase. If Marriott ultimately purchases Starwood, it is likely that the SPG program would be gutted when it is merged with Marriott’s loyalty program.
Marriott will likely respond in the next couple days so stay tuned!
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- Marriott to Purchase Starwood for $12.2 Billion
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