Following weeks of a bidding war against Marriott International Inc. for ownership rights of Starwood Hotels & Resorts Worldwide Inc., Anbang Insurance Group has abandoned its most recent offer of $14 billion. The Chinese insurance company and its partners indicated they are withdrawing from further attempts to acquire Starwood.
According to a statement from Anbang, “market considerations” halted the company’s drive to acquire Starwood. One source, however, indicated that Anbang likely wasn’t interested in a drawn-out bidding war.
The move paves the way for Marriott to acquire Starwood, which operates Sheraton, Westin and W hotels worldwide. Once the acquisition is complete, Marriott will be the world’s largest lodging company, with a portfolio of approximately 5,700 hotels.
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