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Bloomberg: Starwood Hotels Plans to Accept Anbang's $13.2 Billion Bid

According to Bloomberg: Starwood Hotels & Resorts Worldwide Inc., owner of brands such as Westin, Sheraton and W, said it plans to accept a $13.2 billion takeover bid by China’s Anbang Insurance Group Co. and gave suitor Marriott International Inc. a deadline to make a counteroffer.

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“Bigger is generally better in the hotel business,” said Lukas Hartwich, senior lodging analyst at Green Street Advisors LLC. “While the odds seem to favor the Anbang consortium, I’m not sure they have won just yet. There is still an argument to be made that Marriott plus Starwood is a situation where one plus one equals something more than two.”

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To view the full article from Bloomberg, click here.