An investor consortium led by China’s Anbang Insurance has lost the bidding war for Starwood Hotels & Resorts, after failing to demonstrate that it had the financing in place to back up its latest $14bn offer, according to a person directly involved.
As a result, Starwood is set to confirm its previously agreed cash and stock deal with Marriott International as soon as later on Thursday, two people close to the matter said.
In a statement on Thursday evening, the Anbang-led group said: “Due to various market considerations, the consortium has determined not to proceed further.”
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