When Marriott International swooped in last November to trump a smaller rival’s offer for Starwood Hotels and Resorts, the last-minute upset was set to create the world’s largest hotel company by rooms.
But if a group led by Chinese insurer Anbang has its way, those plans will not only unravel but also establish a new challenger in the global lodging industry with ambitions to grow rapidly through acquisitions.
On Monday, Starwood revealed it had begun talks with an unnamed group — later confirmed as a consortium led by Anbang — that has offered almost $13bn for the owner of the Sheraton, W Hotels and St Regis chains.
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