Marriott-Starwood Investor Call: Anbang’s Deal Was ‘Very Real’
Photo Credit: Exterior of the W Paris - Opera. The iconic flagship hotel is owned by Starwood Hotels & Resorts. Starwood Hotels & Resorts
Skift Take
Anbang very well could have afforded to buy Starwood, and the threat of an Anbang takeover was "very real" for Marriott. We probably haven't seen the last of Anbang. But for whatever reason, Anbang is no longer in the picture, and Marriott and Starwood can now continue to form the world's largest hotel company. Let's see how it goes.
Less than 24 hours after it was announced that Anbang Insurance Group and its consortium decided to abandon their last-minute efforts to acquire Starwood Hotels & Resorts, the CEOs of Marriott International and Starwood hosted a joint investors call from the Marriott Marquis in New York to discuss their plans to become the world's largest hotel company, with more than 5,500 hotel properties and 1.1 million rooms worldwide.
Unless another last-minute takeover bid is offered before April 8, or their shareholders don't approve the new deal, both companies are back on the path to becoming one entity. And to ensure the value of their new deal and that it actually closes, both companies are urging their respective stockholders to approve their new agreement, valued at $13.3 billion, on April 8.
Here are some highlights of what Marriott CEO Arne Sorenson and Starwood CEO Thomas B. Mangas said to make their case to stockholders:
Marriott's Sorenson is still "enthused" and "thrill
