Nov 16, 2015, 4:19 am
Last edit by: Schutzee
November 16, 2015
Marriott Shareholder News Release :
http://investor.shareholder.com/mar/...leaseID=942791
Starwood Investor News Release :
https://s1.q4cdn.com/483583335/files...wood-FINAL.pdf
Marriott CEO Linkedin Post:
https://www.linkedin.com/pulse/marri...-arne-sorenson
November 16, 2015
November 16, 2015
March 01, 2016
March 14, 2016
Announcement that a consortium including the Chinese company Anbang has made an unsolicited rival bid.
http://www.cnbc.com/2016/03/14/starw...6-a-share.html
March 18, 2016
Starwood determines that the Anbang bid is 'superior' and notifies Marriott of the intention to terminate the merger agreement.
Marriott have until March 28 to make a counter-bid that is as good as or better than Anbang.
Starwood is postponing its stockholder vote, which was scheduled for Monday, March 28th, to a new date to be determined after consultation with Marriott. Starwood’s Board has not changed its recommendation in support of Starwood’s merger with Marriott.
http://www.cnbc.com/2016/03/18/starw...e-in-cash.html
March 21, 2016
Starwood and Marriott sign a revised merger agreement after Marriott submit an increased bid which values Starwood stock at $85.36. This is now the 'superior' proposal.
Under the revised merger agreement Starwood is not allowed to engage in discussions with Anbang. However, Anbang may make another unsolicited offer, up until the time of the Starwood shareholder vote, which is April 8, 2016.
March 28, 2016
Starwood Hotels & Resorts Worldwide Inc. said it received a higher takeover offer from a group led by Anbang Insurance Group Co., putting the Chinese company back into battle with Marriott International Inc. for control of the hotel operator.
Starwood said it’s in negotiations with the Anbang group after receiving a nonbinding offer of $82.75 a share in cash, or about $14 billion, according to a statement Monday. That compares with Marriott’s stock-and-cash offer valued at $75.91 a share, or about $12.8 billion, based on March 24th’s closing price. Marriott, in its own statement Monday, reaffirmed its commitment to buy Starwood, saying its proposal offers stockholders greater long-term value.
Shares of Starwood rose 2.4 percent to $84.06 at 10:29 a.m. New York time. Marriott climbed 4 percent to $71.35.
The new offer from Anbang, which is working with J.C. Flowers & Co. and Primavera Capital, shows the insurer won’t easily back down as it seeks to build its hotel holdings. The Beijing-based company last year purchased Manhattan’s landmark Waldorf Astoria for $1.95 billion, and is in a deal to acquire luxury-property owner Strategic Hotels & Resorts Inc. for about $6.5 billion. Gaining Starwood would add brands such as Sheraton, W and St. Regis, as well as about $4 billion worth of real estate.
Starwood said it received a non-binding bid of $81 a share on March 26 from the Anbang group, which increased its offer after subsequent discussions. Starwood is negotiating terms of a binding proposal and said it will “carefully consider the outcome of its discussions with the consortium” in order to determine the best course of action for shareholders.
http://www.bloomberg.com/news/articl...er-from-anbang
March 31, 2016
China’s Anbang Drops Bid for Starwood Hotels
Operator of Sheraton, other hotels seen returning to Marriott’s previous takeover offer
http://www.wsj.com/articles/chinas-a...way-1459455942
BETHESDA, Md. and STAMFORD, Conn., Nov. 16, 2015 /PRNewswire/ -- Marriott International, Inc. (NASDAQ: MAR) and Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that the boards of directors of both companies have unanimously approved a definitive merger agreement under which the companies will create the world's largest hotel company. The transaction combines Starwood's leading lifestyle brands and international footprint with Marriott's strong presence in the luxury and select-service tiers, as well as the convention and resort segment, creating a more comprehensive portfolio. The merged company will offer broader choice for guests, greater opportunities for associates and should unlock additional value for Marriott and Starwood shareholders. Combined, the companies operate or franchise more than 5,500 hotels with 1.1 million rooms worldwide. The combined company's pro forma fee revenue for the 12 months ended September 30, 2015 totals over $2.7 billion.
http://investor.shareholder.com/mar/...leaseID=942791
Starwood Investor News Release :
https://s1.q4cdn.com/483583335/files...wood-FINAL.pdf
Marriott CEO Linkedin Post:
https://www.linkedin.com/pulse/marri...-arne-sorenson
November 16, 2015
Originally Posted by Official Starwood Announcement on the SPG website
We’re excited to share the news that Starwood Hotels & Resorts will join together with Marriott International to create the world’s largest hotel company. For our Starwood Preferred Guest® (SPG®) members, this will mean even more choices in even more places, giving you access to 1.1 million rooms across 5,500 hotels and resorts in more than 100 countries.
We will work to bring you the very best of SPG and Marriott Rewards®, two of the most rewarding loyalty programs in our industry. Our members are at the core of everything we do, and that will not change.
This is the beginning of a long journey as we combine our two companies. For now, we remain separate, and there is no change to your SPG program status, your Starpoints® or your existing reservations. You will continue to earn Starpoints and elite stay/night credit for your stays, as well as bonus Starpoints for any promotions in which you are participating. There is no change to how you manage your SPG account or book reservations.
Over the coming months, as we have more to share, we’ll be sure to reach out to you by email, at spg.com and via twitter (@spg). In the meantime, we remain at your service wherever you need us — whether in our hotels, at spg.com, on the SPG mobile app or via our Customer Contact Centers.
Thank you for sharing your travels with us.
Chris Holdren
Senior Vice President, Starwood Preferred Guest
We will work to bring you the very best of SPG and Marriott Rewards®, two of the most rewarding loyalty programs in our industry. Our members are at the core of everything we do, and that will not change.
This is the beginning of a long journey as we combine our two companies. For now, we remain separate, and there is no change to your SPG program status, your Starpoints® or your existing reservations. You will continue to earn Starpoints and elite stay/night credit for your stays, as well as bonus Starpoints for any promotions in which you are participating. There is no change to how you manage your SPG account or book reservations.
Over the coming months, as we have more to share, we’ll be sure to reach out to you by email, at spg.com and via twitter (@spg). In the meantime, we remain at your service wherever you need us — whether in our hotels, at spg.com, on the SPG mobile app or via our Customer Contact Centers.
Thank you for sharing your travels with us.
Chris Holdren
Senior Vice President, Starwood Preferred Guest
Originally Posted by Official Starwood Announcement to FT members
Dear members,
Starwood Hotels & Resorts and Marriott International to Merge, Creating the World’s Largest Hotel Company, Best Loyalty Program
Today we’re excited to share the news that Starwood Hotels & Resorts will join together with Marriott International to create the world’s largest hotel company. For our SPG members, this will mean even more choices in even more places, giving you access to 1.1 million rooms across 5,500 hotels in more than 100 countries.
As we look to bring together the very best of Starwood Preferred Guest and Marriott Rewards, we are confident that together we will create the most rewarding loyalty program in our industry. Our members are at the core of everything we do, and that will not change.
Today is the first day of a long journey as we combine our two companies. For now, we remain separate, and there is no change to your Starwood Preferred Guest (SPG) program status, your Starpoints or your existing reservations. You will continue to earn Starpoints and elite stay/night credit for your stays, and bonus Starpoints for any promotions in which are you are participating. There is no change to how you manage your SPG account or book reservations.
Over the coming months, as we have more to share, you’ll continue to be among the first to hear by e-mail, at spg.com and via twitter (@spg). In the meantime, we remain at your service wherever you need us—whether in our hotels, at spg.com, the SPG mobile app, or via our Customer Contact Centers.
[email protected]
Thyetus Lee | Social Media Specialist
Starwood Customer Contact Centre (AP) Pte Ltd
Starwood Hotels & Resorts and Marriott International to Merge, Creating the World’s Largest Hotel Company, Best Loyalty Program
Today we’re excited to share the news that Starwood Hotels & Resorts will join together with Marriott International to create the world’s largest hotel company. For our SPG members, this will mean even more choices in even more places, giving you access to 1.1 million rooms across 5,500 hotels in more than 100 countries.
As we look to bring together the very best of Starwood Preferred Guest and Marriott Rewards, we are confident that together we will create the most rewarding loyalty program in our industry. Our members are at the core of everything we do, and that will not change.
Today is the first day of a long journey as we combine our two companies. For now, we remain separate, and there is no change to your Starwood Preferred Guest (SPG) program status, your Starpoints or your existing reservations. You will continue to earn Starpoints and elite stay/night credit for your stays, and bonus Starpoints for any promotions in which are you are participating. There is no change to how you manage your SPG account or book reservations.
Over the coming months, as we have more to share, you’ll continue to be among the first to hear by e-mail, at spg.com and via twitter (@spg). In the meantime, we remain at your service wherever you need us—whether in our hotels, at spg.com, the SPG mobile app, or via our Customer Contact Centers.
[email protected]
Thyetus Lee | Social Media Specialist
Starwood Customer Contact Centre (AP) Pte Ltd
The U.S. Department of Justice and the U.S. Federal Trade Commission will not challenge the proposed merger between Marriott International and Starwood Hotels & Resorts. The waiting period for Marriott's filing with the FTC under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, the merger's first regulatory hurdle, expired on Monday, meaning the deal is cleared to proceed. The Competition Bureau of Canada also will not challenge the transaction. According to Marriott, the companies are cooperating with competition authorities in other parts of the world to obtain approval of the deal. Marriott and Starwood will hold separate stockholder meetings on March 28 to vote on the merger.
http://investor.shareholder.com/MAR/...leaseID=958056
http://investor.shareholder.com/MAR/...leaseID=958056
Announcement that a consortium including the Chinese company Anbang has made an unsolicited rival bid.
http://www.cnbc.com/2016/03/14/starw...6-a-share.html
March 18, 2016
Starwood determines that the Anbang bid is 'superior' and notifies Marriott of the intention to terminate the merger agreement.
Marriott have until March 28 to make a counter-bid that is as good as or better than Anbang.
Starwood is postponing its stockholder vote, which was scheduled for Monday, March 28th, to a new date to be determined after consultation with Marriott. Starwood’s Board has not changed its recommendation in support of Starwood’s merger with Marriott.
http://www.cnbc.com/2016/03/18/starw...e-in-cash.html
March 21, 2016
Starwood and Marriott sign a revised merger agreement after Marriott submit an increased bid which values Starwood stock at $85.36. This is now the 'superior' proposal.
Under the revised merger agreement Starwood is not allowed to engage in discussions with Anbang. However, Anbang may make another unsolicited offer, up until the time of the Starwood shareholder vote, which is April 8, 2016.
March 28, 2016
Starwood Hotels & Resorts Worldwide Inc. said it received a higher takeover offer from a group led by Anbang Insurance Group Co., putting the Chinese company back into battle with Marriott International Inc. for control of the hotel operator.
Starwood said it’s in negotiations with the Anbang group after receiving a nonbinding offer of $82.75 a share in cash, or about $14 billion, according to a statement Monday. That compares with Marriott’s stock-and-cash offer valued at $75.91 a share, or about $12.8 billion, based on March 24th’s closing price. Marriott, in its own statement Monday, reaffirmed its commitment to buy Starwood, saying its proposal offers stockholders greater long-term value.
Shares of Starwood rose 2.4 percent to $84.06 at 10:29 a.m. New York time. Marriott climbed 4 percent to $71.35.
The new offer from Anbang, which is working with J.C. Flowers & Co. and Primavera Capital, shows the insurer won’t easily back down as it seeks to build its hotel holdings. The Beijing-based company last year purchased Manhattan’s landmark Waldorf Astoria for $1.95 billion, and is in a deal to acquire luxury-property owner Strategic Hotels & Resorts Inc. for about $6.5 billion. Gaining Starwood would add brands such as Sheraton, W and St. Regis, as well as about $4 billion worth of real estate.
Starwood said it received a non-binding bid of $81 a share on March 26 from the Anbang group, which increased its offer after subsequent discussions. Starwood is negotiating terms of a binding proposal and said it will “carefully consider the outcome of its discussions with the consortium” in order to determine the best course of action for shareholders.
http://www.bloomberg.com/news/articl...er-from-anbang
March 31, 2016
China’s Anbang Drops Bid for Starwood Hotels
Operator of Sheraton, other hotels seen returning to Marriott’s previous takeover offer
http://www.wsj.com/articles/chinas-a...way-1459455942
Starwood: "Marriott and Starwood stockholders approve merger"
Mar 30, 2016, 7:48 pm
#3091
Join Date: Dec 2007
Location: Body in Downtown YYZ, heart and mind elsewhere
Programs: UA 50K, refugee from AC E50K, Marriott Lifetime Plat
Posts: 5,132
Mar 30, 2016, 8:48 pm
#3092
Join Date: Feb 2013
Programs: Marriott Titanium, National EE
Posts: 538
I don't think the person is confused.
In China, the people running the state entity also controls the private firms. That's why the military Chinese hackers hack into commercial entities for profit purposes.
In US, there is a somewhat clear separation between business and government. In China, they are controlled by the same people. Anbang's founder and chairman is the grandson-in-law of Deng Xiaoping (the architect of the opening of China).
It's not about good governance or conflict of interest, it's about winning. They will win by buying Starwood by over-paying.
In China, the people running the state entity also controls the private firms. That's why the military Chinese hackers hack into commercial entities for profit purposes.
In US, there is a somewhat clear separation between business and government. In China, they are controlled by the same people. Anbang's founder and chairman is the grandson-in-law of Deng Xiaoping (the architect of the opening of China).
It's not about good governance or conflict of interest, it's about winning. They will win by buying Starwood by over-paying.
Financial Times has a good write up on the CEO of Anbang:
"Yet Mr Wu was not born into the political elite. Instead, according to local media accounts and insurance industry experts, he used his intelligence, good looks and business savvy to attract powerful patrons to fund a financial empire modelled on Warren Buffett."
Now do they have ties with people in the government? Sure but not a lot different than big businesses here (Goldman, Halliburton etc)
Also I've lived in China a couple of years and can tell ya the vast majority of small businesses have no ties to the government. I got to meet quite a few good non-Chinese friends that have their own fairly successful business in China and in many ways, operating a private business in China is easier than over here
Mar 31, 2016, 1:00 am
#3093
Join Date: Feb 2005
Location: a hotel room, somewhere...
Posts: 962
boy, MAR sure does have it's friends in the media working overtime to create FUD about the Anbang bid. their PR machine is doing so well that everywhere you look there's an article saying the MAR deal is superior because of uncertainty with the Anbang financing, Chinese courts if they reneg, shady structure, links to porn and illicit gambling (ole Gary @ VFTW hit another new low with that headline), etc. bottom line: Anbang is getting trounced in the PR war and, given the golden parachutes HOT mgmt gets in only a MAR deal, they're loving it (mgmt cares about shareholder value second only to their own interests!).
what i find interesting is how everyone waving the American flag is ignoring how MAR is going to gleen $250mm/year in cost savings! the press is covering this the same way they covered obamacare! the latest trash was marketwatch saying MAR winning is good for America. That's rich. Tell that to the HOT employees whose firing makes up that $250mm. They keep their jobs with an Anbang win. Somebody (them or Anbang) better turn this conversation around to which one loses American jobs.
The American press, on all issues is a joke- every article is an Op Ed piece masquerading as 'reporting'.
/rant
what i find interesting is how everyone waving the American flag is ignoring how MAR is going to gleen $250mm/year in cost savings! the press is covering this the same way they covered obamacare! the latest trash was marketwatch saying MAR winning is good for America. That's rich. Tell that to the HOT employees whose firing makes up that $250mm. They keep their jobs with an Anbang win. Somebody (them or Anbang) better turn this conversation around to which one loses American jobs.
The American press, on all issues is a joke- every article is an Op Ed piece masquerading as 'reporting'.
/rant
Mar 31, 2016, 1:37 am
#3094
Join Date: Apr 2005
Location: NYC
Programs: SPG Platinum/Hyatt Diamond
Posts: 124
Uncommon
you've hit the nail on the head : that Anbang is a Chinese company is a
jingoistic red herring … so what if they are not all-American, they're going
to preserve Starwood jobs and maintain continuity with the Starwood/SPG client
base.
Anbang will be what's best for America, American people, American jobs.
Sick of the many 'pro-Marriott for America' puff pieces which have suddenly
popped up in the last three days.
The world is getting smaller, Starwood is all over China with plans to build
a LOT more … Anbang is the best bet for everyone interested in seeing ongoing thriving Starwood growth and strength, world-wide.
Do not want to get dumbed-down with Marriott's pedestrian product.
jingoistic red herring … so what if they are not all-American, they're going
to preserve Starwood jobs and maintain continuity with the Starwood/SPG client
base.
Anbang will be what's best for America, American people, American jobs.
Sick of the many 'pro-Marriott for America' puff pieces which have suddenly
popped up in the last three days.
The world is getting smaller, Starwood is all over China with plans to build
a LOT more … Anbang is the best bet for everyone interested in seeing ongoing thriving Starwood growth and strength, world-wide.
Do not want to get dumbed-down with Marriott's pedestrian product.
Mar 31, 2016, 2:54 am
#3095
Join Date: Apr 2005
Programs: Starwood:Lifetime Platinum, Air Canada:Basic, Asiana:Lifetime Diamond Plus, ANA: Basic
Posts: 980
Most private businesses, in particular some of the most successful ones such as Huawei and Alibaba, were founded by people from relatively poor background, but have the technical background and business savviness.
Also I've lived in China a couple of years and can tell ya the vast majority of small businesses have no ties to the government. I got to meet quite a few good non-Chinese friends that have their own fairly successful business in China and in many ways, operating a private business in China is easier than over here
Also I've lived in China a couple of years and can tell ya the vast majority of small businesses have no ties to the government. I got to meet quite a few good non-Chinese friends that have their own fairly successful business in China and in many ways, operating a private business in China is easier than over here
As for going to rags to riches, everyone is like that including all the government officials. Just in the early 1980s, everyone in China was poor. But when China opened up and signed free trade agreement with USA, Chinese took all the manufacturing jobs from America's middle class. So there was this non-stop economic boom. Some of the profits go to American's top 1% rich people, but the rest lifted the Chinese poor. So yes, all the very rich people in China were very poor before before 1980. I guarantee you there almost were no rich people in China during the late 60s "Cultural Revolution" and the "Great Leap Forward" where everyone almost starved to death,
The ones I know of have to have "relationship" with officials (read bribe). They get a cut from gasoline sale (where ordinary people get screwed) to real estate deals to freebies on night clubs and hotel stays. The wining and dining is constant and sometimes need to fulfill special requests (like pay for their children's education in America or buy them a beauty pageant contestant for night) to get things done. This mutually beneficiary arrangement relationship of bribes between government officials and business is what grease the wheels and make things happen faster. But these are only businesses in the tens of millions (US currency).
This case is in the billions so the game is played in even higher level. To join this club, I think you need to have party affiliate and some stronger relationship (like marriage to the elite) to play.
Last edited by yeunganson; Mar 31, 2016 at 3:08 am
Mar 31, 2016, 6:32 am
#3096
Join Date: Aug 2007
Posts: 558
Its been a few years since I worked directly with any Chinese company, but I seem to recall that the more successful a business owner becomes, the more likely there are to "decide" to join the political party.
Mar 31, 2016, 6:41 am
#3097
Original Poster
Join Date: Jan 2013
Location: London
Programs: BA Gold / OnBusiness, SPG Lifetime Plat 100, AmEx Centurion & BAPP, Superking Westin Heavenly Bed :)
Posts: 1,142
Hyatt May Need to Deal for InterContinental: DealReporter
(Bloomberg) -- Hyatt may be pressured to pursue acquisition of Intercontinental on the heels of Starwood’s planned sale, dealReporter speculated earlier, citing 3 industry bankers, one analyst.
When the dealReporter story broke, it moved IHG stock from 2780 to 2830... It remains spec, for now...
(Bloomberg) -- Hyatt may be pressured to pursue acquisition of Intercontinental on the heels of Starwood’s planned sale, dealReporter speculated earlier, citing 3 industry bankers, one analyst.
- Industry involved in “once in a lifetime” consolidation
- If Anbang wins bidding war for Starwood, potential Hyatt merger with Marriott is possible
When the dealReporter story broke, it moved IHG stock from 2780 to 2830... It remains spec, for now...
Mar 31, 2016, 6:52 am
#3098
Suspended
Join Date: Dec 2014
Posts: 8,460
Hyatt May Need to Deal for InterContinental: DealReporter
(Bloomberg) -- Hyatt may be pressured to pursue acquisition of Intercontinental on the heels of Starwood’s planned sale, dealReporter speculated earlier, citing 3 industry bankers, one analyst.
When the dealReporter story broke, it moved IHG stock from 2780 to 2830... It remains spec, for now...
(Bloomberg) -- Hyatt may be pressured to pursue acquisition of Intercontinental on the heels of Starwood’s planned sale, dealReporter speculated earlier, citing 3 industry bankers, one analyst.
- Industry involved in “once in a lifetime” consolidation
- If Anbang wins bidding war for Starwood, potential Hyatt merger with Marriott is possible
When the dealReporter story broke, it moved IHG stock from 2780 to 2830... It remains spec, for now...
Mar 31, 2016, 6:52 am
#3099
Join Date: May 2003
Location: Philadelphia, LAX, Paris
Programs: UA 1K/2MM, SPG/Marriott Lifetime Titanium, Lifetime HHonors Diamond, Hyatt Globalist, AA Exec Plat
Posts: 3,331
Mar 31, 2016, 7:23 am
#3100
Join Date: Aug 2012
Programs: AA PLT, SPG Gold
Posts: 2,405
Or how bout they buy no one? Does the world really need any more Fairfield Inns?
And on a side note - are we forgetting how many SPG properties are already owned by the Chinese? I don't have any numbers, but I know my wife and I have been to several. Sheraton on the Park comes to mind - hell of a property may I say. Hard to think of any Marriotts in Sydney that come close to the SotP.
And on a side note - are we forgetting how many SPG properties are already owned by the Chinese? I don't have any numbers, but I know my wife and I have been to several. Sheraton on the Park comes to mind - hell of a property may I say. Hard to think of any Marriotts in Sydney that come close to the SotP.
Mar 31, 2016, 8:24 am
#3101
Join Date: Jan 2006
Location: Atlanta but Washington DC will always be home.
Programs: Marriott LTP, Hilton Diamond, Accor Gold, Hyatt Explorist,, Delta Plat,
Posts: 2,075
I really don't get why so many posters seem to think that Anbang won't mess with SPG. I can't imagine they are willing to spend 14 billion just to move cash out of China. Certainly, they'll want to cut costs and optimize profits.
Also, their partners are private equity firms. Just saying HHonors was crazy devaluated when Blackstone took over ownership of Hilton.
I'm no fan of Marriott but I think no matter who ends up with SPG there will be changes we don't like....
Also, their partners are private equity firms. Just saying HHonors was crazy devaluated when Blackstone took over ownership of Hilton.
I'm no fan of Marriott but I think no matter who ends up with SPG there will be changes we don't like....
Mar 31, 2016, 8:50 am
#3102
Join Date: Mar 2010
Programs: DL PM, Bonvoy Gold
Posts: 8,414
I really don't get why so many posters seem to think that Anbang won't mess with SPG. I can't imagine they are willing to spend 14 billion just to move cash out of China. Certainly, they'll want to cut costs and optimize profits.
Also, their partners are private equity firms. Just saying HHonors was crazy devaluated when Blackstone took over ownership of Hilton.
I'm no fan of Marriott but I think no matter who ends up with SPG there will be changes we don't like....
Also, their partners are private equity firms. Just saying HHonors was crazy devaluated when Blackstone took over ownership of Hilton.
I'm no fan of Marriott but I think no matter who ends up with SPG there will be changes we don't like....
Mar 31, 2016, 8:51 am
#3103
Join Date: Dec 2007
Location: Body in Downtown YYZ, heart and mind elsewhere
Programs: UA 50K, refugee from AC E50K, Marriott Lifetime Plat
Posts: 5,132
From my previous posts it's pretty obvious that I'm in favour of Anbang and hope like heck that MAR does not win SPG.
That said, let's remember that while SPG is an American company, this is not really about America or American jobs. SPG operates globally. I'm sure many of the job cuts under a MAR deal would be in HOTs head office (in America) but many job losses would be in whatever properties MAR decides to close / sell. At least some of those properties would not be in America.
I think another perspective here comes from the business focus. American execs decided to increase profits by exporting jobs from the US to where it was cheap.
Anyway, all this is somewhat political so I'll abstain from saying more on this topic. I just hope Anbang wins so that SPG stays more or less like the SPG I know & love!
That said, let's remember that while SPG is an American company, this is not really about America or American jobs. SPG operates globally. I'm sure many of the job cuts under a MAR deal would be in HOTs head office (in America) but many job losses would be in whatever properties MAR decides to close / sell. At least some of those properties would not be in America.
Anyway, all this is somewhat political so I'll abstain from saying more on this topic. I just hope Anbang wins so that SPG stays more or less like the SPG I know & love!
Mar 31, 2016, 8:54 am
#3104
Join Date: Jan 2009
Location: TUL
Programs: AA EXP 2MM; Marriott Titanium; Hilton Diamond; Hyatt Explorist; Vistana 5* Elite; Nat'l Exec Elite
Posts: 6,177
You may be right but IMO an acquisition by MAR is a known and will result in changes we do not like. An acquisition by Anbang is an unknown and in this instance perhaps the unknown is a better risk than the known.
Mar 31, 2016, 9:08 am
#3105
Join Date: Oct 2001
Location: Almaty, Kazakhstan
Programs: UA Gold, Hyatt Discoverist, IHG Platinum, Accor Silver, Choice Privileges Gold
Posts: 2,070
There's an online column/blog on the NYT web site called "Dealb%k" that has an interesting article discussing the risk involved in Anbang walking away from the deal (link below). The main concern is that there aren't sufficient assets outside of China such that a court judgment or arbitral award could be enforced. So if Anbang breaches the agreement, Starwood wouldn't have an effective remedy. tls
http://www.nytimes.com/2016/03/31/bu...l?ref=business
http://www.nytimes.com/2016/03/31/bu...l?ref=business