In a statement, Marriott said that Starwood would terminate its merger agreement, which was revealed in November last year, unless revisions are made.
Under the terms of Marriott’s merger agreement with Starwood, the hotel chain has the right to propose revised terms within the next five days for negotiation. If Starwood terminates the agreement in order to accept the consortium proposal, the company must pay Marriott a termination fee of £277 million in cash.
Marriott said it is in the process of reviewing the Anbang consortium’s proposal and is considering its alternatives.
• For more breaking news, as well as in-depth features and case studies, sign up to C&IT Magazine's daily Newstracker here