Starwood reject Marriott deal in favour of Anbang merger

Starwood Hotels & Resorts has rejected a proposed takeover by Marriott International, preferring to explore what it views as a “superior offer” from a consortium led by Anbang. The Chinese insurance giant tabled a bid of $78 per share for the American hotel giant earlier, valuing the company at $13.2 billion. Marriott now has until March 28th to respond with a higher bid. If the American company decides to do so, a highly likely scenario, a bidding war will begin. Following the latest offer, Starwood’s share price climbed above the…

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Marriott International expands footprint in Europe

Marriott International in Europe will double in size once its acquisition of Starwood Hotels & Resorts is complete.  In Europe, the company will reach over 123,000 opened or signed rooms when Marriott’s 61,000 open rooms join with Starwood’s 40,500 open rooms and the combined pipeline of 21,500 rooms. Starwood’s luxury brands, including St. Regis, Luxury Collection and W Hotels, will also complement Marriott’s luxury brands, including The Ritz-Carlton, EDITION and JW Marriott.  The newly acquired luxury brands will complement Marriott’s existing offering in the economy and mid-tier sector, including Moxy…

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