Last week, a group of investors led by the Chinese insurer Anbang raised the stakes with a counter offer of $ 13.2 billion. Anbang had recently reached an agreement on the acquisition of Strategic Hotels & Resorts, owner of the famous Waldorf Astoria in New York for $ 6.5 billion.
Starwood could not but recognise that the Chinese bid was superior to that of Marriott, but says that now the roles are reversed. It is still unclear if the Chinese continue the bidding war and will come with a higher bid. A spokesman for Anbang was not available for comment Monday afternoon. Marriott justifies the higher bid price by its shareholders cost advantages to flip for up to $ 250 million per year. Earlier projections called for $ 200 million. If the merger goes ahead, it creates the world's largest hotel company with 1.1 million rooms over 5,500 hotels in more than hundred countries.