The Starwood Saga Continues: Anbang's New $14B Offer Beats Out Marriott

The bidding war for Starwood isn’t over yet. China’s Anbang Insurance has upped its offer to $14B, beating out Marriott’s new and improved $13.6B offer—just as experts predicted last week.

Marriott’s first $12.2B offer, made in fall 2015, was disrupted two weeks ago when Anbang swooped in with its own unsolicited $13.2B takeover bid, forcing Marriott to come back with a higher $13.6B offer for the hotel chain.

Starwood said that Anbang's new $14B offer is likely to be a “superior proposal,” and it remains to be seen if Marriott will up its offer for a second time.

The competition for Starwood comes as the massive hotel chain becomes the first US lodging company to expand into Cuba since the revolution, looking to capitalize on thawing political tensions with the island paradise. [WSJ]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

Delaware Statutory Trust Fundraising Jumps 27% From 2025

Bank OZK Shares Drop After Citi Flags $915M Mortgage Concern

Soaring Yields Strand REITs In M&A No-Man's-Land

How UK Investment Giant L&G Plans To Grow Its U.S. Multifamily Holdings

Properties Owned By REIT Accused Of Fraud To Be Auctioned Off

LS Power Raises $6B To Capitalize On Data Center Power Demand

DHS Buys 3 More Detention Facilities From The Geo Group For $950M

CRE Finance Sentiment Index Falls To 3-Year Low As Economic Fears Mount

Oprah-Backed Health Food Chain Files For Bankruptcy, Seeks To Exit Leases

RN3 Enters Dutch Logistics Market With DHL Sale-Leaseback Deal

Fund Affiliated With Michael Dell Takes $1B Swing At Senior Housing

Multifamily's Days As Commercial Real Estate's 'Golden Child' Are Over