Anbang drops competing Starwood bid
Definitely not an April Fool’s joke, Anbang Insurance revealed on April 1 that it “has determined not to proceed” with its bid for Starwood against Marriott.
The consortium involved issued the following statement: “We were attracted to the opportunity presented by Starwood because of its high-quality, leading global hotel brands, which met many of our acquisition criteria, including the ability to generate consistent, long-term returns over time.
“However, due to various market considerations, the consortium has determined not to proceed further. We thank the Starwood Board, management team and its advisors for their efforts and support throughout this process.”
Last week, Marriott secured its bidby increasing its offer 10 percent to $13.6 billion.
AccomNews is not affiliated with any government agency, body or political party. We are an independently owned, family-operated magazine.
