Starwood dumps Marriott deal for competing bid

March 18, 2016 2:53 PM

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Starwood dumps Marriott deal for competing bid

Starwood Hotels and Resorts said Friday that it is dumping a previous deal to sell itself to Marriott International after a different group of investors made a better offer — but that it will give Marriott a chance to improve its bid before finalizing the sale.

Starwood disclosed that China-based Anbang Insurance, U.S. private equity firm J.C. Flowers & Co. and China-based investors Primavera Capital Limited had offered $78 per share, or about $13.2 billion — more than Marriott's offer of $65.33, or about $11 billion.

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