anbang news
News stories: 1 - 5 of 5
Over 1,000 rooms at legendary Waldorf Astoria Hotel could be converted into luxury condos
by Kim Megson | 29 Jun 2016
Chinese corporation Anbang Insurance Group is reportedly preparing to extensively overhaul New York’s world-famous Waldorf Astoria Hotel, in order to convert two-thirds of its guest rooms into private condos. According to several US news sources, the hotel will close in Q1 2017 and could remain shut for as long as three years. The decision to create luxurious new private residences would be likely to boost short-term returns for Anbang, which
Anbang withdraws offer to buy Starwood
by Jane Kitchen | 01 Apr 2016
The consortium lead by Anbang Insurance Group has withdrawn its proposal to acquire Starwood, paving the way for the Marriott/Starwood merger to move ahead. Anbang dropped its offer “as a result of market considerations” and does not intend to make another proposal, Starwood said in a statement. The statement also said that Starwood’s board of directors continues to unanimously support the existing merger with Marriott. A special meeting of Starwood
Starwood takeover saga continues: Anbang ups its offer
by Jane Kitchen | 29 Mar 2016
The Chinese consortium led by Anbang Insurance Group that is trying to buy Starwood has upped its offer, making it “reasonably likely to lead to a ‘Superior Proposal’ as defined in Starwood’s merger agreement with Marriott International,” Starwood said in a statement. Marriott agreed to buy Starwood in November 2015 for US$12.2bn, but a rival offer from Anbang on 18 March threatened the deal. Marriott then came back with a
Starwood plans to end Marriott merger deal after ‘superior’ offer from Anbang
by Jane Kitchen | 18 Mar 2016
Starwood has received a new bid from the Chinese consortium that wants to buy it and has notified Marriott of its intention to terminate the merger agreement it had with the rival hotel firm. The Chinese consortium, led by Anbang Insurance Group, has upped its bid by US$2.00 per share from its original proposal on 10 March, making its offer a “superior proposal” to Marriott’s. Marriott has until 28 March
Starwood mulls US$12.8bn rival takeover bid
by Jak Phillips | 14 Mar 2016
Global hotel giant Starwood has received a surprise US$12.8bn (€11.5bn, £8.9bn) takeover offer from a group led by China’s Anbang Insurance Group, which could scupper its planned merger with Marriott. In November 2015, Marriott announced that it would buy Starwood Hotels & Resorts – whose brands include St. Regis, The Luxury Collection, W and Design Hotels – in a US$12.2bn (€11.4bn, £8bn) stock and cash transaction which would create the
News stories: 1 - 5 of 5
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