BEIJING (Reuters) - China's Anbang Insurance Group Co walked away from its planned $14 billion offer for Starwood Hotels & Resorts Worldwide Inc (N:HOT) to avoid a protracted bidding war, one of the Chinese insurer's consortium partners said on Friday.
In a surprise move, Anbang dropped out of the bidding for Starwood, paving the way for rival suitor Marriott International Inc (O:MAR) to buy the Sheraton and Westin hotels operator..
Anbang had teamed up with Chinese private equity firm Primavera Capital and global buyout firm J.C. Flowers & Co, for its Starwood bid.
"While attracted to Starwood's high-end global hotel portfolio, at the end of the day Anbang is a disciplined buyer," Fred Hu, Chairman of Primavera, told Reuters in an email statement.
"Anbang has both the interest and the financial resources to do a deal of this size and more, but only at the right terms that make long-term financial sense," Hu, a former Goldman Sachs (N:GS) banker said.