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US: Marriott tops Anbang, wins Starwood with $13.6B bid

By  |  March 21, 2016

Just days after the China-based insurance giant appeared to win a bidding war for Starwood Hotels and Resorts, Marriott International returned on Monday with a sweetened offer— a $13.6 billion bid that clinched the deal.

Starwood said it accepted the offer — which topped Anbang’s $13.2 billion offer on Friday.

A Marriott-Starwood combination would create the world’s largest hotel chain — bringing together under one corporate entity the Sheraton, Westin, Ritz-Carlton and Marriott nameplates.

The combined company will have over 5,500 hotels with 1.1 million rooms worldwide, giving Marriott a greater presence in markets such as Europe, Latin America and Asia and allow it to better compete with apartment-sharing startups such as Airbnb.

Full content: CNBC News

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