Marriott has sealed the deal to create the world’s largest hotel group with a $13.6 billion offering, outbidding a consortium led by Beijing’s Anbang Insurance Group by $600 million. Starwood said on Monday afternoon that Angbang’s offer “no longer constituted a superior proposal” and that the terms of the deal forbade any further talks with Anbang, which owns New York’s Waldorf Astoria.
Starwood’s 11 brands include iconic upscale chains such as W Hotels, Sheraton and St Regis as well as mid-range names such as Aloft. Marriott’s portfolio includes Bulgari, Ritz-Carlton and Courtyard.
