Three Chinese suitors show interest in Starwood Hotels
Owner of St Regis and Sheraton brands has indicated it is considering a sale
China's sovereign wealth fund and two big Chinese companies have expressed interest in Starwood Hotels & Resorts Worldwide, joining other potential suitors from around the world, a source familiar with the matter said on Tuesday.
Starwood Hotels, the owner of the St Regis and Sheraton hotel brands, has indicated it is considering a sale, and its highly prized collection of properties has also garnered interest from wealthy Middle Eastern investors and other global firms, the person said.
Lodging giant Shanghai Jin Jiang International Hotels, Hainan Airlines’ parent HNA Group and sovereign wealth fund China Investment Corp (CIC) have expressed interest in Starwood, according to the source.
The three Chinese entities have submitted proposals to the central government over the past two months to allow them to compete to buy Starwood, the Wall Street Journal reported, citing sources.
Beijing was expected to select a single bidder in the next few weeks, it said. The central government only wanted one bidder to avoid driving the price up through competitive bidding, the paper said.