The Presidential Daily Brief

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    Anbang Abandons $14 Billion Starwood Buy

    They’ve checked out for good. The Starwood hotel empire had already agreed on a $13.3 billion deal with U.S. chain Marriott, but the Chinese consortium’s bid seemed sweeter — until they failed to demonstrate access to the necessary financing, according to some sources. The deal could make investors nervous about Chinese companies making offers that aren’t backed up by cold hard cash, but the immediate effect is to cement the Marriott-Starwood merger, which creates the world’s largest hospitality company. Meanwhile, Anbang will pay $6.5 billion for Strategic Hotels, a small U.S. luxury chain. 

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