anbang insurance group
Anbang Bows Out; Starwood Reaffirms Commitment to Marriott Merger
Starwood | April 1, 2016
Values Starwood at $77.94 Per Share or $13.3 Billion; Total Per Share Value of $84.07 With Separate ILG Transaction Consideration Provides Significant Upfront Cash and Long-Term Ownership in Largest Hospitality Company in the World Transaction Expected to Create $250 Million in Cost Synergies and Significant Revenue Synergies Special Meeting of Stockholders to Consider Marriott Transaction Set for April 8 STAMFORD, Conn.- April 1, 2016 - Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) ("Starwood") today announced that the consortium consisting of Anbang Insurance Group Co., Ltd., J.C. Flowers & Co. and Primavera Capital Lim...
Marriott Reaffirms Its Commitment to Acquire Starwood Hotels & Resorts Worldwide
Marriott International, Inc. | March 28, 2016
Says Its Signed Deal Provides Greater Long-Term Value for Starwood Stockholders Marriott Will Adjourn Special Meeting of Stockholders to April 8, 2016 Bethesda, Md., March 28, 2016 – Marriott International, Inc. (NASDAQ: MAR) today reaffirmed its commitment to acquire Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT), confident that the previously announced amended merger agreement is the best course for both companies. The combined company will offer stockholders significant equity upside and greater long-term value driven by a larger global footprint, wider choice of brands for consumers, substantial revenue synergies, a...
Starwood Determines Revised Anbang Proposal is Likely to Lead to a Superior Proposal
Starwood Hotels & Resorts Worldwide, Inc. | March 28, 2016
STAMFORD, Conn.- March 28, 2016 - Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) ("Starwood") today announced that its Board of Directors, in consultation with its legal and financial advisors, determined that a revised, non-binding proposal from a consortium consisting of Anbang Insurance Group Co., Ltd., J.C. Flowers & Co. and Primavera Capital Limited (the "Consortium") is reasonably likely to lead to a "Superior Proposal" as defined in Starwood's merger agreement with Marriott International, Inc. (NASDAQ: MAR) ("Marriott"). On March 26, 2016, Starwood received a non-binding proposal from the Consortium, under which th...
China Investors in US Hotels Pursue Core-At-Any-Cost Plan
Fitch Ratings | March 21, 2016
Fitch Ratings-New York-21 March 2016: Decelerating industry fundamentals and weakness in forward-looking equity market prices for hotel-related companies hasn't kept Chinese companies from dominating the hotel investment landscape recently, according to Fitch Ratings. Chinese investors have been aggressively bidding on mostly upper-tier hotel assets in core markets. Historically, this type of activity, rich property valuations paid by less-established (often international) market participants, has corresponded with U.S. CRE cycle peaks. This cycle could be shaping up to follow a similar path. Last Monday, The Wall Street Journal rep...
Starwood Determines Anbang Proposal Superior; Notifies Marriott of Intention to Terminate Merger Agreement
Starwood Hotels & Resorts Worldwide, Inc. | March 18, 2016
Marriott Has Right Until March 28, 2016 to Submit Counterproposal Starwood Stockholder Meeting Postponed STAMFORD, Conn.- March 18, 2016 - Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) ("Starwood") today announced that it has received a revised binding and fully financed proposal from a consortium consisting of Anbang Insurance Group Co., Ltd., J.C. Flowers & Co. and Primavera Capital Limited (the "Consortium"), that the Starwood Board of Directors, in consultation with its legal and financial advisors, has determined constitutes a "Superior Proposal," as defined in Starwood's merger agreement with Marriott International...
Blackstone Group Rumored to be Selling Strategic Hotel & Resorts Portfolio to China’s Anbang for $6.5 billion
March 14, 2016
As reported by Bloomberg, Blackstone Group LP agreed to sell Strategic Hotels & Resorts Inc. to China's Anbang Insurance Group Co. for about $6.5 billion, just three months after it purchased the U.S. luxury-resort company, according to people with knowledge of the matter. The price is about $450 million more than Blackstone paid for Strategic in December. The New York-based private equity firm had been planning to sell individual properties in the portfolio before Anbang made a pre-emptive offer for the entire company, said the people, who asked not to be named because the transaction is private. To read the complete story please v...
