[Breaking News] Starwood Accepts Offer from Chinese Firm
Hotel chain Starwood will be acquired by Chinese insurer Anbang for $78 per share in cash, or about $13.2 billion in total. The new offer exceeds Marriott’s $12.2 billion offer.
The announcement that Anbang had approached Starwood with an offer became public earlier this week. Anbang has been building a portfolio of hotels over the last couple years including NYC’s iconic Waldorf Astoria. It is expected that Marriott will be countering the Anbang offer in the next couple weeks.
Our preference would be that Anbang purchases 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 program. Let the bidding war begin. Stay tuned!
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