Marriott (MAR) Ratings Affirmed by Moody's Amid Revised Starwood Offer
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March 23, 2016 10:20 AM EDT
Canaccord Genuity reiterated a Buy rating on Starwood Hotels & Resorts (NYSE: HOT), and raised the price target of $88.00 (from $76.00), following a new MAR offer. UBS believes that MAR's current offer of $21 in cash and 0.80 MAR shares for every HOT share is the most attractive offer on the table today. Any further offer from Anbang would need to be at or above this... More
March 21, 2016 7:17 AM EDT
By Mike Stone and Arunima Banerjee
(Reuters) - Starwood Hotels and Resorts Worldwide Inc (NYSE: HOT), owner of the Sheraton and Westin brands, accepted a higher $13.6 billion acquisition offer from peer Marriott International Inc (NASDAQ: MAR), spurning a bid from China's Anbang Insurance Group.
The move dramatically raises the stakes in the bidding war since the deal with Marriott prohibits Starwood from communicating with Anbang, which already owns New York's Waldorf Astoria hotel.
If Anbang had succeeded with its offer, the... More
March 21, 2016 7:16 AM EDT
Marriott International, Inc. (Nasdaq: MAR) announced that it continues to expect strong RevPAR and unit growth in 2016. The company expects comparable systemwide RevPAR on a constant dollar basis in North America, outside North America and worldwide will increase 2 to 4 percent in the first... More
