Hotel groups serve up deal after higher offer
Marriott has won over Starwood with a sweetened bid worth more than $14.4 billion just days after a Chinese insurance company appeared to steal it away from the hotel chain with a more lucrative offer. Starwood, which owns Sheraton, Westin and St Regis, over the weekend became the first US hotel operator to gain access to Cuba. The revised deal would give Starwood shareholders $21 in cash and 0.80 shares of Marriott International Inc Class A stock for each Starwood share. Starwood shareholders are also expected to get Interval Leisure Group stock valued at $5.83 per share. Taken together, that would value Starwood stock at $85.36 per share, or about $14.41 billion. China’s Anbang had put up an offer of $83.83 for each Starwood share, or approximately $14.15 billion. Marriott and Starwood expect the deal to be concluded this summer.