NEW YORK—The much anticipated sale of Starwood Hotels & Resorts Worldwide may be drawing closer as multiple news reports have the company in deep discussions with a variety of suitors.
According to The Wall Street Journal, at least three large Chinese companies are competing to win Beijing’s approval to bid for the company. Shanghai Jin Jiang International Hotels, along with HNA Group, parent of Hainan Airlines Company and sovereign wealth fund China Investment Corp., each has presented a proposal to the Chinese government over the past two months.
Meanwhile, CNBC is reporting that Hyatt Hotels Corporation is in talks to buy the Stamford, CT-based lodging giant. According to the report, under a cash and stock offer, Hyatt management would retain control of the combined company.
This past April, Starwood Hotels & Resorts announced it was exploring strategic alternatives, including a sale of the company. Earlier in the year, the publicly traded company replaced CEO Frits van Paasschen and announced a spin-off of its timeshare business.