Anbang Insurance Group Co., Ltd., together with its partners J.C. Flowers & Co. and Primavera Capital Limited has released a statement on the decision not to proceed with its proposal to acquire Starwood Hotels and Resorts Worldwide.
“We were attracted to the opportunity presented by Starwood because of its high-quality, leading global hotel brands, which met many of our acquisition criteria, including the ability to generate consistent, long-term returns over time,” the consortium said.
“However, due to various market considerations, the Consortium has determined not to proceed further.
“We thank the Starwood Board, management team and its advisors for their efforts and support throughout this process,” the consortium said.