Starwood Hotels Bidder Anbang Walks Away, Leaves Door Open for Marriott

Anbang Insurance Group's consortium is dropping its bid to purchase Starwood Hotels and Resorts, leaving the door open for Starwood's deal with Marriott to go through. The consortium issued a release, saying: “We were attracted to the opportunity presented by Starwood because of its high-quality, leading global hotel brands, which met many of our acquisition criteria, including the ability to generate consistent, long-term returns over time. However, due to various market considerations, the Consortium has determined not to proceed further. We thank the Starwood Board, management team and its advisors for their efforts and support throughout this process.” Both Starwood and Marriott are holding a joint investor meeting and webcast on the morning of April 1 to discuss their combination. Why Would Anbang Walk Away? Many signs seemed to point toward Starwood eventually choosing Anbang over Marriott. The biggest sign? Cold, hard cash — nearly $13.8 billion worth. On Monda