Anbang Insurance Group Co. has withdrawn its non-binding proposal for billion-dollar hotel chain Starwood Hotels & Resorts Worldwide, Inc. citing market constraints. Today, Starwood announced “the consortium consisting of Starwood’s Board of Directors continues to unanimously support the existing merger with Marriott International, Inc.,” a $13.3 billion deal that will create the largest hospitality company in the world, encompassing 30 brands. A special meeting of Starwood stockholders will meet on April 8 at the Sheraton Stamford Hotel (sheratonstamford.com) in Connecticut to vote on and approve the Marriott-Starwood merger agreement. For more information, visit marriott.com or starwoodhotels.com.
