Until Thursday afternoon, Anbang, a Chinese insurance group had the highest bid to buy Starwood Hotels — the company that owns brands like Westin, Sheraton and W.
But unexpectedly, the Beijing-based business announced that it is walking away from from its nearly $14 billion proposal, leaving Marriott with the highest offer.
This all comes as a surprise considering Anbang's recent buying spree: In 2014, Anbang bought New York's iconic Waldorf-Astoria hotel for $1.95 billion. And since the Waldorf deal, Anbang has claimed other high-end assets including a $6.5 billion agreement with Blackstone Group for Strategic Hotels & Resorts Inc. which owns several upscale accommodations among them the JW Marriott Essex House on Central Park South.
If Marriott's $13.6 billion proposal goes through, the company's then 30 brands and 1 million plus rooms would make up the world's largest hotel chain.
Good TimesArtist: Podington BearAlbum: Upbeat