Don’t miss Trey Mancini and Joey Rickard guest bartend at the first Brews & O’s event June 10th. Get your tickets today!

Starwood Hotels & Resorts Worldwide Inc.

Anbang drops bid to buy Starwood, clearing way for Marriott

Anbang drops bid to buy Starwood, clearing way for Marriott

Anbang says it is dropping its $15 billion offer to acquire Starwood Hotels, citing market considerations as it ends a bidding war with Marriott for the parent of St. Regis and Sheraton resorts.

The China-based insurance company, which was leading a consortium of potential investors, said that it won't proceed further, an abrupt announcement that sent shares of Starwood down 4 percent in late trading Thursday.

Starwood Hotels & Resorts Worldwide Inc., based in Stamford, Conn., said its board continues to support its existing deal with Bethesda-based Marriott, which initially offered $12.2 billion for Starwood in November. That has since grown to more than $14...

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