More About the Chinese Firm Bidding for Starwood Against Marriott, Recent Deal for Four Seasons, Ritz, and JW Properties

This morning we received some exciting news that Starwood Hotels & Resorts received a non-binding proposal from a Chinese consortium of companies to acquire all of the outstanding shares of common stock of Starwood for $76.00 per share in cash (about a $14B bid) in a rival bid to Marriott’s offer (woth about $12.2B). Now, we learn more about that consortium

  • The group is led by China’s Anbang Insurance Group
  • That’s the same group that purchased the Waldorf Astoria in New York for almost $2 billion in 2014
  • It’s also the same group that just last week closed a $6.5 billion deal for Strategic Hotels & Resorts Inc. from Blackstone Group.  Blackstone had just purchased the portfolio in December for about $450 million less than the new deal price and had planned on selling each of the properties separately
  • Strategic Hotels & Resorts includes a portfolio that has 16 properties with 7,532 rooms including the Four Seasons resorts in Scottsdale, Arizona, and Jackson Hole, Wyoming; Ritz-Carltons in Half Moon Bay and Laguna Niguel, California; San Diego’s Hotel del Coronado; and Manhattan’s JW Marriott Essex House
  • From Anbang’s website – “Simply put, our entire portfolio is among the most admired and profitable in the lodging industry”

JW Marriott Essex House

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