No reservations: PE activity in hotels & resorts reaches new highs
March 17, 2016
If you hadn’t heard of Beijing-based Anbang Insurance Group before, you may have by now, what with the flood of headlines surrounding its multibillion-dollar takeover offers for two U.S. hotel & resort businesses. Anbang is reportedly buying Strategic Hotels & Resorts from Blackstone for $6.5 billion, mere months after Blackstone itself acquired the company for about $6 billion. What’s more, Starwood Hotels & Resorts (NYSE: HOT) recently announced an unsolicited acquisition proposal for $76 per share from a consortium that reportedly includes Anbang, J.C. Flowers & Co. and Primavera Capital Group. The bid, which values the company at over $12.8 billion, rivals Starwood’s $12.2 billion merger agreement with Marriott (NASDAQ: MAR) announced in November.