Bill Marriott Says ‘We Were Done’ if Anbang Had Made Another Starwood Bid
Photo Credit: Bill Marriott said today that the brand would not have countered Anbang's offer for Starwood if Anbang had not dropped out. Flickr / WTTC
Skift Take
We can only imagine what Anbang and its investor group, as well as Starwood, must be thinking right now.
If Anbang's consortium had followed through with its $82.75 per share all-cash bid for Starwood Hotels & Resorts, valued at nearly $14 billion, would Marriott have tried to outbid them?
Today Marriott gave that answer: No.
"At this point, no I don't think so," said Bill Marriott, executive chairman of Marriott International. "We were done."
Marriott was speaking during an interview broadcast on Periscope at the World Travel & Tourism Council Global Summit being held in Dallas.
As reported, and according to an April 1 Securities and Exchange Commission filing from Starwood, Anbang made a non-binding offer of $82.75 per share for Starwood before it decided to mysteriously and abruptly walk away from the deal due to "various market considerations."
The battle for Starwood fought out between Anbang and its investor group and Marriott
