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

by Adam

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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