China’s Anbang raises offer for Starwood to 14 billion
China’s Anbang Insurance Group Co raised its offer for Starwood Hotels & Resorts Worldwide Inc (HOT.N) to almost $14 billion, Starwood said on Monday, in the latest challenge to the U.S. hotel operator’s merger with Marriott International Inc (MAR.O).
The bidding war for Starwood has 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.
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