Hyatt in talks to buy Starwood Hotels: CNBC
[BENGALURU] Hyatt Hotels Corp is in talks to buy US hotel operator Starwood Hotels and Resorts Worldwide Inc, CNBC reported, citing sources.
Under a cash and stock offer, Hyatt management would retain control of the combined company, CNBC said on Wednesday. Hyatt declined to comment, while Starwood did not immediately respond to a request for comment.
China's sovereign wealth fund and two big Chinese companies had expressed interest in Starwood Hotels, joining other suitors from around the world, a source familiar with the matter told Reuters on Tuesday.
Starwood is valued at about US$12.75 billion while Hyatt has a valuation of about US$7.23 billion.
Starwood had reached out to potential bidders including InterContinental Hotels Group Plc, Wyndham Worldwide Corp and sovereign wealth funds in July, three months after it decided to explore a sale, sources told Reuters.
Interval Leisure Group said on Wednesday it would buy Starwood Hotels' vacation ownership business, which it valued at about US$1.5 billion.
Starwood, which owns the St. Regis and Sheraton hotel brands, also on Wednesday reported a better-than-expected third-quarter profit, driven by higher occupancy rates.
REUTERS
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