Chinese Companies Look to Buy Starwood Hotels

Steven Schwankert | Oct 29, 2015 3:00 pm | Add a comment | 1376 reads

It was big news when a Chinese group bought the Waldorf-Astoria Hotel in New York in 2014 (although ironically, the Waldorf Astoria Beijing is still owned by Hilton Hotels & Resorts). Now the stakes are rising significantly.

Jin Jiang International Hotels, HNA Group (which owns Hainan Airlines), and China Investment Corp. have all applied for Chinese government permission to bid for Starwood Hotels & Resorts Worldwide, which owns the Sheraton, Westin, St. Regis, W Hotel, Four Points, Aloft, and other hotel brands. While there are other interested bidders from the United States and elsewhere, all three could potentially end up as Starwood's ultimate owners. How much will it go for? Well, the aforementioned Waldorf-Astoria in New York sold for USD 1.95 billion. One hotel. Starwood has over 1,200 hotels worldwide. Big deal.

Carnival Cruise Lines is doubling down on China, by preparing to put two ships in service here. In 2017, it will move the Carnival Miracle to China, which can hold 2,124 passengers, with the Carnival Splendor, which can hold 3,006 passengers, following in 2018.

'Til Tuesday, one road flat safe.

More stories by this author here.

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