BREAKING: Anbang Walks Away From $14B Starwood Deal

In what comes as a huge shock, Anbang has retracted its $14B bid for Starwood Hotels, saying "market considerations" forced it to back out of a bidding war it was winning.

(And Marriott execs can sleep easier now, too...)

Just a few days prior, the Chinese insurance group fired the last shot with a "superior proposal," putting $14B in cash on the table, which beat Marriott’s highest bid of $13.6B.

Starwood said Monday a deal was likely, before the the offer suddenly was retracted. After the news broke, both Anbang’s and Marriott’s shares fell 4%, CNBC reports.

After an intense back-and-forth, the assumption was that Marriott couldn't keep up with the cash-heavy Chinese investor.

Sure enough, many have criticized Anbang for being willing to overpay for US trophy assets, citing the record-setting $1.95B Waldorf Astoria buy and $6.5B Strategic Hotels & Resorts deal.

Beyond the statement, the firm offered little other explanation for the move. In a cryptic message, Anbang chairman Wu Xiaohui said the firm must "win the first battle and every battle thereafter as we are representing Chinese enterprises going global.” [CNBC]

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