One of the world’s largest hospitality companies, Starwood Hotels & Resorts Worldwide, might soon be the object of the largest-ever takeover of a U.S. company by a Chinese firm.The Chinese government is in discussion with three companies – Shanghai Jin Jiang International Hotels; HNA, parent of Hainan Airlines; and China Investment Corp., a sovereign wealth fund – one of which will bid on the massive hotel chain.
The government plans to choose just one company to avoid a possible bidding war for Starwood, which owns over 1,200 properties worldwide and manages brands such Westin, W Hotels and St. Regis, unnamed sources told the Wall Street Journal.
It’s not yet clear what the bidders are willing to pay, but the amount is likely to exceed Starwood’s start-of-Tuesday valuation of $12 billion, the Journal reported.
The hotel firm’s stock price jumped 9.1 percent Tuesday to 74.81 on the news, its highest level since 2009. Starwood in April said it was exploring various options that included a sale or merger, largely as a reaction to having lagged behind competitors like Hilton and Marriott. Its longtime CEO, Frits van Paasschen, resigned in February and Starwood has been selling off hotel properties this year.
A potential deal would be the latest in a string of major hotel pickups by Chinese firms. Last year, the insurance giant Anbang bought the Waldorf-Astoria at 301 Park Avenue in New York’s Midtown for nearly $2 billion. And in February, Sunshine Insurance Group, bought the Baccarat Hotel at 20 West 53rd Street, then a Starwood property, paying $230 million.
“Chinese investors have been pretty aggressive in the hotel market over the last year or so,” said Lukas Hartwich, an analyst at Green Street Advisors LLC, told Bloomberg. “Starwood has some pretty powerful brands. It’s an attractive platform, especially if you don’t already own a platform with that kind of cachet.”
All three firms involved in a possible bid for Starwood are state-controlled or partly owned by the Chinese government.
The St. Regis in Miami Beach is one of the choice buildings in the area. It's close to the Bal Harbour Shops, which features the world's finest fashion, boutiques and plenty of fine dining. With historic theatres, plenty of entertainment and white beaches, residents can enjoy the best that Miami offers. Enjoying fishing, golfing, boating or many other forms of recreation is a part of the culture.
When you first arrive at the St. Regis, the plaza will open your eyes to the luxury this building offers. The elegant three-story lobby provides residents with an award winning design from Yabu Pushelbeberg and 24-hour attendants. Arriving at the Mezzanine level will provide you with an excellent strength and fitness center and many other recreational activities.
Residents are provided with valet parking, nigh-speed elevators, nine acres of lush landscaping, gardens, 600 feet of ocean frontage, resident-only swimming pools and a full service poolside pavilion and wet bar. The building also provides concierge service, discrete security personnel, personal shoppers, a residential manager and dedicated staff members to serve the residents.
Within the hotel, visitors enjoy a personal chauffeur, airport pick-up, gourmet dining, the St. Regis wine bar, in-room dining, children’s programs, childcare services, oceanfront cabanas, pet services and pre-arrival provisioning including grocery shopping. Guests will enjoy many different luxuries throughout their stay.
The fitness facilities include the most advanced equipment, television monitors for individuals, personal trainers, a sauna, herbal steam room and more. The 12,000 square-foot Remede Spa gives resort and hotel guests a great way to relax. It features services such as, massage, nail, facial, anti-aging and wax. Guests enjoy the nicer touches, such as champagne and truffle.
Whether visiting for just short time or staying for the season, the St Regis will provide you with all the luxuries you desire. It's one of the most popular choices in the area for relaxation and upscale living.
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