Skaddens has been instructed by Anbang yet again after representing the Chinese firm in a suite of other US-based transactions, including its $1.95bn acquisition of Manhattan's Waldorf Astoria New York hotel from Hilton Worldwide Holdings in 2014. A consortium led by Anbang is lining up to challenge Marriott International's planned $12.2bn takeover of Starwood Hotels and Resorts, which was agreed to in November last year. If successful, the $12.8bn non-binding bid unveiled by Anbang on Monday would represent the largest ever investment in US real estate assets by a Chinese firm.
While Marriott's offer for Starwood values the hotel group at $67.22 per share, Anbang's play ups the ante to $76.00 per share. Starwood has reportedly received a waiver from Marriott which allows it to engage in discussions with Anbang's consortium. However, Marriott insists that it remains committed to its bid for Starwood, which if successful would create the world's largest international hotel chain. 'Anbang's non-binding offer placed Starwood shareholders in the difficult position of choosing between Marriott's bird-in-a-hand firm commitment and Anbang's two-on-the-bush offer,' commented Nomura Securities analyst Harry Curtis in a note to clients. Starwood's Marriott waiver expires on 18 March. Sources: The Lawyer; Reuters
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