Sheraton owner Starwood set to accept offer from China's Anbang

March 18, 2016 2:01 PM

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Sheraton owner Starwood set to accept offer from China's Anbang

Starwood Hotels & Resorts Inc (HOT.N), the operator of Sheraton and Westin hotels, said on Friday it planned to accept a raised buyout offer from a group led by China's Anbang Insurance and scrap its deal with Marriott International Inc (MAR.O).

A successful deal would bolster Anbang's reputation as one of China's top corporate acquirers and would follow its purchase of New York's iconic Waldorf Astoria hotel last year.

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