Subscribers

Anbang abandons Starwood bid, paving the way for Marriott

New York

CHINA'S Anbang Insurance Group Co said on Thursday it has abandoned its bid for Starwood Hotels & Resorts Worldwide Inc, paving the way for Marriott International Inc to buy the Sheraton and Westin hotels operator.

The surprise withdrawal marks an anticlimactic end to a bidding war that had 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 US real estate assets.

"We were attracted to the opportunity...

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes