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Anbang withdraws offer to purchase Starwood

Starwood Hotels & Resorts Worldwide announced that the consortium, led by Anbang Insurance Group has informed Starwood that, as a result of market considerations, it has withdrawn its non-binding proposal to acquire all of the outstanding shares of common stock of Starwood for $82.75 per share in cash and does not intend to make another proposal.


Starwood’s Board of Directors continues to unanimously support the existing merger with Marriott International, Inc. (NASDAQ: MAR) (“Marriott”), which will create the largest hospitality company in the world. Bruce Duncan, Chairman of Starwood’s Board, stated, "Throughout this process, we have been focused on maximizing stockholder value now and in the future. Our Board is confident this transaction offers superior value for Starwood’s stockholders, can close quickly, and provides value-creation potential that will enable both sets of stockholders to benefit from future financial performance. We continue to be very excited about the combination of our two companies and are committed to completing this deal in an expeditious manner.

We are confident Starwood stockholders will support a merger that will create the world’s best and biggest hotel company and which offers significant long-term upside for not only our stockholders, but also our company and associates."