Marriott
What was being referred to as one of the most exciting deals in the recent times for the hospitality industry, the $12.2 billion buyout agreement between Starwood and Marriott has been derailed.
The turn of events happened as Starwood received an improved offer for itself from Anbang, (A Chinese insurance company) bringing the total deal value to more than $14 billion.
It is now being reported that Starwood, which owns the Sheraton and Westin hotel brands, has to now pay Marriott $400 million to end the deal. Alternatively Marriott has until March 28 to make a renewed offer.
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What was being referred to as one of the most exciting deals in the recent times for the hospitality industry, the 12.2 $ billion buyout agreement between Starwood and Marriott has been derailed.