by Wolf Richter
Wolf Street
The bigger the price, the better.
Starwood Hotels, which owns 11 brands including Sheraton, W Hotels, and St. Regis, spread over nearly 1,300 hotels & resorts in 100 countries, announced today that an unnamed “Consortium” has made an all-cash offer to acquire the hotel group for $76 a share, or $12.8 billion.
That consortium is trying to spoil Marriott’s party. Last November, Marriott agreed to acquire Starwood to form the world’s largest hotel behemoth with over 1 million rooms.