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Hungry for US assets, China’s Anbang bids $15B for Starwood

This Friday, March 25, 2016, photo shows the Four Points by Sheraton Hotel in Richmond, Va. The Starwood bidding war continues, with the hotel chain announcing Monday, March 28, 2016, that a sweetened offer from a group led by Chinese insurance company Anbang is likely to be superior to Marriott’s revised bid. (AP Photo/Steve Helber)
This Friday, March 25, 2016, photo shows the Four Points by Sheraton Hotel in Richmond, Va. The Starwood bidding war continues, with the hotel chain announcing Monday, March 28, 2016, that a sweetened offer from a group led by Chinese insurance company Anbang is likely to be superior to Marriott’s revised bid. (AP Photo/Steve Helber) This Friday, March 25, 2016, photo shows the Four Points by Sheraton Hotel in Richmond, Va. The Starwood bidding war continues, with the hotel chain announcing Monday, March 28, 2016, that a sweetened offer from a group led by Chinese insurance company Anbang is likely to be superior to Marriott’s revised bid. (AP Photo/Steve Helber)

By Associated Press 2 min read

NEW YORK (AP) – The price for Starwood Hotels continues to rocket higher, with the latest bid from China insurance company Anbang and its partners crossing the $15 billion mark.

Starwood Hotels & Resorts Worldwide Inc., whose properties include the St. Regis New York, said Monday that the offer from the Anbang group is “reasonably likely” to be superior than the one made just last week by Marriott International.

The blitz by Anbang into the U.S. real estate market has repeatedly knocked askew the ambitions of Marriott, which has been attempting to add Starwood’s posh stable of hotels to its portfolio since last year.

Marriott bid $12.2 billion for the Greenwich, Connecticut, hotel in November and most had expected that Marriott would become the biggest hotel in the world when it completed the deal.

But few had realized the ambition, or motivation, of Anbang, even though it had made a big splash in the U.S. real estate market just two years ago when it acquired the famed Waldorf Astoria of York for almost $2 billion.