Chinese firms seek to acquire Starwood hotels

In what could turn out to be the biggest ever Chinese acquisition of an American company, three Chinese firms are vying to get Beijing’s approval to bid for Starwood Hotels & Resorts Worldwide Inc. Sovereign wealth fund China Investment Corp., HNA Group, and Shanghai Jin Jiang International Hotels (Group) Co. each gave a proposal to Chinese authorities from August to September. Observers say that Beijing only wants one company to bid for Starwood so as not to drive up the price. The US firm operates St. Regis, Westin and W Hotels.

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