STAMFORD, Conn. — A least three Chinese companies are competing to bid for Starwood Hotels & Resorts Worldwide Inc., reports The Wall Street Journal.
In April, Starwood’s board indicated it would be open to a sale amid concerns the company wasn’t growing as fast as competitors. Shanghai Jin Jiang International Hotels Group Co., Hainan Airlines Co.’s parent HNA Group and sovereign wealth fund China Investment Corp. have reportedly submitted proposals during the past few months to win Beijing’s approval. The Chinese government is going to select one company to make the bid.
Starwood Hotels & Resorts has not provided a comment. [wsj.com]