, Columnist
Anbang Muscles in on Marriott
Chinese insurer Anbang just upended Marriott's merger plan.
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A Chinese buyer just made two more bold moves for hotel properties, and one of them is spurring a last minute face-off against Bethesda, Maryland-based Marriott International. But the deal is still Marriott's to lose.
A consortium led by Anbang Insurance Group of Beijing has made a $76-a-share all-cash bid for Starwood Hotels, seeking to upset the company's merger with Marriott that was agreed upon back in November. Shareholders were scheduled to vote on -- and likely approve -- the Marriott transaction in just two weeks.