August 9, 2016 Comments Off on Marriott-Starwood $13.6B Deal Hits Snag with Chinese Regulators Views: 500 California News, West

Marriott-Starwood $13.6B Deal Hits Snag with Chinese Regulators

Chinese regulators delayed the Marriott International Inc.’s proposed $13.6-billion purchase of Starwood Hotels & Resorts Worldwide Inc. An additional 60 days is needed to review the deal that would result in the world’s largest hotel company.

It is the final blessing needed, since the deal has already passed anti-competitive muster with approvals from regulators in 40 countries, including the U.S. and the European Union. The purchase came after a bidding war erupted this spring that included a $14-billion cash offer for Starwood from China’s Anbang Insurance Group.

Marriott has 99 hotels in China, and another 150 planned. Stamford, CT-based Starwood has 283 properties in China. The combined company would encompass 30 brands, with 1.1 million rooms around the world.

Read More at Los Angeles Times

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