Chinese company gives up takeover of hotel company Starwood

The Chinese insurance company Anbang has given up the acquisition of Starwood Hotels & Resorts, which clears the way for Marriott International to take over that American chain of luxury hotels.
Angbang's surprising move came only days after it offered nearly USD 14 billion for Starwood, or USD 82.75 per share, thus beating the Marriott's bid of USD 78 per share.
- We were attracted by the possibiliy of taking over Starwood because it is a high-quality, leading global hotel brand. However, due to various market circumstances, the consortium has decided not to continue the process - Anbang announced in a release.

Starwood Hotels and Resorts Worldwide, Inc. Stamford

Starwood Hotels & Resorts

Anbang China

Marriott

Sheraton

Westin