The bidding war for the Starwood Hotels & Resorts Worldwide chain has heated up, with Chinese investor Anbang Insurance Group Co. going up against Marriott. Anbang made a €13bn all-cash bid for the chain, placing doubt on Starwood’s commitment to close the deal with Marriott, which was announced in November, despite the fact that Starwood told the UK Guardian that it still favors the Marriott bid. The move from Anbang follows its agreement to buy Strategic Hotels & Resorts Inc. from Blackstone Group LP for about $6.5bn including debt, a clear sign that China’s appetite for cross-border investment is growing. Anbang also recently acquired the historic Waldorf Astoria hotel in Manhattan for nearly $2bn.
