Starwood Hotels & Resorts and Anbang Deal; Is it Feasible?
Chinese insurer Anbang Insurance Group hit the news recently for its bid for Starwood Hotels & Resorts against Marriott International. However, questions arise, is in case of the deal works in favor of the Chinese company, will it be worth it? In case papers are signed but Anbang does not honor them later, enforcement of rules might be a problem simply because Anbang is based in China and the property it's bidding for is based in the U. S.
In about a decade's time, Anbang has become China's corporate giant and most say it's due to its political backing. The insurer has increased its international portfolio along with the domestic ones and interests of the company range from banking to traditional Chinese medicine.
However, Anbang's grand plans are considered "opaque" with a massive coffer of cash and less reservations about spending it. For the first time the Chinese firm came to the world's notice when last year it purchased the landmark Waldorf Astoria hotel in New York for $1.95billion. It marked the largest U. S real estate buy for a Chinese company. The high sales price stunned many people; some calculated it to be greater than $1.3million per room.
New Zealand News
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