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BUSINESS A25
Tuesday 29 March 2016
Hungry for US assets;
China’s Anbang bids $15 billion for Starwood
NEW YORK (AP) — The fight This photo shows the Four Points by Sheraton Hotel in Richmond, Va. The Starwood bidding war Marriot declined to elabo-
for Starwood Hotels swung continues, with the hotel chain announcing Monday, March 28, 2016, that a sweetened offer from rate on its letter.
back in favor of China’s An- a group led by Chinese insurance company Anbang is likely to be superior to Marriott’s revised Anbang dealt with simi-
bang after the insurance bid. lar concerns two years
company offered $15 bil- ago when it acquired the
lion in a counterpunch to (AP Photo/Steve Helber) famed Waldorf Astoria of
Marriott International. York for nearly $2 billion.
Starwood Hotels & Resorts Starwood’s board said it is letter. The Bethesda, Mary- That comment appeared While it tries to hook Star-
Worldwide Inc., which has still backing Marriot’s bid land, company also ad- to be a veiled reference wood,
a tony stable of hotels in- while it assesses Anbang’s vised Starwood sharehold- to the potential hurdles
cluding the St. Regis New offer. ers to scrutinize Anbang’s that a Chinese company Anbang is also trying to
York, said Monday that Marriott stood behind its financing and consider the might have to clear to buy reel in Strategic Hotels &
the offer from the Anbang last bid “as the best course” “timing of any required reg- Starwood, which is based Resorts in a proposed $6.5
group is “reasonably likely” for Starwood in a Monday ulatory approvals.” in Stamford, Connecticut. billion deal.
to trump a sweetened bid Although Anbang’s pur-
that Marriott submitted last chase of Waldorf was
week. cleared by the U.S. Trea-
Some industry analysts now sury’s Committee on For-
believe Marriott will wind eign Investment, worries
up on the losing end of this about the Waldorf becom-
battle, unless other factors ing an outpost for Chinese
besides price enter the espionage still hang over
equation. the hotel. Last year, Presi-
“We don’t think (Marriott) dent Barack Obama, his
can go higher, and we top aides and staff along
would question it if they with the sizable U.S. diplo-
did,” Canaccord analyst matic contingent lodged
Ryan Meliker wrote in a re- elsewhere during the an-
search note. nual U.N. General Assem-
bly, which takes place ev-
ery September.
