Chinese firms to bid for US hotel giant

Beijing, Oct 29 (IANS) Three major Chinese firms will bid for US hotel giant Starwood — owner of Sheraton, Westin, and W chain of hotels, reported official newspaper China Daily Thursday.

The three Chinese companies are sovereign wealth fund China Investment Corporation (that manages part of China’s foreign exchange reserves), Hainan Airlines and Shanghai hotel Jin Jiang, EFE news reported.

Experts say Starwood could work out to be the largest international acquisition by a Chinese firm, surpassing that of US meat company Smithwood, acquired by Shuanghui in 2013 for $7 billion.

This is not the first time Chinese companies have shown interest in the US hotel market.

Last year, Anbang insurance bought Hilton’s iconic Waldorf Astoria Hotel in New York for $1.9 billion.

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