Marriott Set to Buy Starwood After Anbang Backs Out

a sign on a wood surface
Please note that I receive compensation for many links on this blog. American Express and other banks are advertising partners of this site. Read my Advertiser Disclosure policy to learn more.

It was just a few days ago when we heard that the Anbang Consortium upped their offer to buy Starwood and Starwood loyalists gripped their seat as they waited to see what would happen.

Starwood was looking for a buyer, and there were several interested parties. The leader of the pack was Marriott, and in November 2015 Marriott International and Starwood Hotels & Resorts Worldwide made an announcement about the potential merger between the two companies. A consortium consisting of Anbang Insurance Group, MC Flowers, and Primavera Capital offered a surprise unsolicited bid, Marriott made a counter offer and Anbang made their own revised bid.

Now, we’re hearing reports that Anbang is backing out, and no reason has been given yet.

This means that unless a new bidder steps in, Marriott will be the winner and buyer of Starwood.

At least this means that Starwood wouldn’t have to pay the $450 million breakup fee for terminating their agreement with Marriott.

Do you think the tug-of-war is over to buy Starwood?

Editorial Note: The opinions expressed here are mine and not provided, reviewed or endorsed by any bank, card issuer, or other company including (but not limited to) American Express unless otherwise stated. Comments made in response to posts are not provided or commissioned, and they have not been reviewed or endorsed by any bank. It is not the responsibility of any advertiser to make sure that questions are answered. Unauthorized use and/or duplication of the material on this site without express and written permission from this blog’s author and/or owner is strictly prohibited.

One Comment

Leave a Reply

Your email address will not be published. Required fields are marked *