Biggest Chinese acquisition of US company on tap
Starwood Hotels & Resorts Inc (HOT.N), the operator of Sheraton and Westin hotels, said on Friday it planned to accept a raised buyout offer from a group led by China’s Anbang Insurance and scrap its deal with Marriott International Inc (MAR.O).
It would also be the biggest acquisition of a U.S. company by a China-based investor.
Anbang’s new offer raises the value of Starwood to $13.16 billion from $12.82 billion, based on shares outstanding as of Feb. 19. Marriott had offered $12.2 billion for Starwood.
Anbang has also agreed to buy Strategic Hotels & Resorts Inc for around $6.5 billion, a person briefed on the matter told Reuters last week. Read more