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China’s Anbang abandons $14 billion bid to buy Starwood Hotels
April 1, 2016 by elegant · Leave a Comment
China's Anbang Insurance Group Co said on Thursday it has abandoned its $14 billion bid for Starwood Hotels & Resorts Worldwide Inc , paving the way for Marriott International Inc to buy the Sheraton and Westin hotels operator. The surprise withdrawal marks an anticlimactic end to a bidding war that had pitted Marriott's ambitions to create the world's largest lodging company, with about 5,700 hotels, against Anbang's drive to create a vast portfolio of U.S. real estate assets. It also represents a blow…
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China’s Anbang abandons $14 billion bid to buy Starwood Hotels