Business / Industries

Anbang leads bid for Starwood Hotels

By Li Xiang in Beijing ( Updated: 2016-03-14 22:30

Chinese insurance conglomerate Anbang Insurance Group is leading a bidding consortium to acquire hotel chain operator Starwood in a deal that could become the biggest acquisition ever made by a Chinese company in the US, a source close to the insurer confirmed on Monday evening.

The consortium, which also includes US private investment firm JC Flowers & Co and Chinese investment firm Primavera Capital Group, is bidding $76 per share in cash for a total value of nearly $13 billion.

The bidding price is higher than the $12.2 billion offer made by Marriott in November.

Starwood Hotels & Resorts Worldwide Inc said in a statement that it "will carefully consider the outcome of its discussions with the consortium in order to determine the course of action."

The Chinese insurer Anbang made international headlines in 2014 by purchasing the US landmark Waldorf Astoria hotel in New York at a record price of $1.95 billion.

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