Starwood Gets Takeover Bid by Consortium Led by Chinese Firm Anbang

Starwood Hotels and Resorts revealed this morning it had received an unsolicited bid for the company at $76 a share in cash.

The bid comes from a consortium led by Chinese insurance firm Anbang Insurance Group Co., and includes private equity investor Chris Flowers and others.

Under the plan, Starwood’s executive team would stay in place.

Yesterday Blackstone Group announced it had sold Strategic Hotels & Resorts, a collection of 16 high-end hotels in the U.S., to Anbang for $6.5 billion. Anbang bought the New York Waldorf Astoria in October 2014 for $2 billion.

Marriott made a $12.2 billion deal for Starwood in November. It expects to close the deal in June after a shareholder vote at the end of this month.

Starwood’s agreement with Marriott includes a $400 million breakup fee as well as a period during which it can consider other offers. That period ends March 17.

In a statement Marriott said: “Marriott is confident that the previously announced merger agreement is the best course for both companies.”