What’s the story with Anbang and the InterContinental Hotels Group?
UK newspaper The Sunday Times recently reported that Anbang has now set its sights on acquiring IHG with a bid of GBP 7 billion (US$12 billion), but the Chinese insurance group has since denied the takeover bid. Although IHG wouldn’t comment, a spokesman for Anbang told Bloomberg that there are no plans for the insurance group to bid on the UK-based IHG hotel group and then declined to say anything else.
The Sunday Times had stated on August 7th, 2016, that Anbang has held talks with City bankers this summer about possibly taking over the InterContinental Hotels Group. In recent years, the secretive conglomerate Anbang acquired the Waldorf Astoria New York from US private equity group Blackstone at a cost of nearly $2bn and could now be swooping in on British soil too.
What happened with the Starwood bid?
Late last year, Anbang failed to buy US hotel giant Starwood Hotels & Resorts Worldwide Inc. when it suddenly withdrew its $14 billion bid. This cleared the way for Marriott International Inc. to buy Starwood for more than US$12 billion, as we reported in November, 2015, which will create the world’s biggest hotel company.
About the author: Torsten is a serial entrepreneur who started almost a dozen ventures on four continents.
Torsten's love for travel has brought him to 130+ countries and travel with most of the world's airlines.
You can reach Torsten at [email protected]
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