On Feb. 17, 2015, Starwood Hotels & Resorts CEO Frits van Paasschen resigned. Two months later, the company opened the door to potential buyers. Here are the rumors and speculation, plummeting-then-soaring stock prices and surprise bids and withdrawals that have kept Starwood's name in the headlines
since, in reverse chronological order.
April 8, 2016
Starwood and Marriott shareholders each approve their merger.
March 31
Anbang withdraws its offer to buy Starwood.
March 28, 2016
Starwood announces that the Anbang consortium has made a nonbinding offer of $82.75 in cash per share. Starwood's board says it's likely to consider it a superior offer to Marriott's previous offer.
Starwood distributes shares of Vistana Signature Experiences to its stockholders. Vistana's merger with Interval Leisure Group is expected to close on April 30, ensuring Starwood shareholders own 55 percent of the post-merger company.
March 21, 2016
Starwood and Marriott sign a revised $13.6 billion merger agreement that gives Starwood shareholders $21 cash per share and 0.8 shares of Marriott common stock for each share of Starwood common stock. Each company's shareholders delay their vote on the merger from March 28 to April 8.
March 18, 2016
Starwood discloses it will accept a cash offer of $78 per share, totaling $13.2 billion, from the Anbang-led consortium. Marriott has until March 28 at 11:59 p.m. to beat the offer.
March 14, 2016
Marriott releases a statement that it is still on track to buy Starwood in spite of the Anbang bid. Marriott grants Starwood a waiver to consider the offer, with a deadline of March 17.
March 10, 2016
Starwood receives an unsolicited bid for $12.8 billion in cash, or $76 per share, from a consortium led by Anbang Insurance Group Co., the same Chinese investment company that bought the
Waldorf Astoria New York in 2014.
March 1, 2016
Marriott's planned acquisition of Starwood clears its first regulatory hurdle, facing no challenge from the U.S. Department of Justice and the U.S. Federal Trade Commission.
Feb. 17, 2016
Marriott and Starwood shareholders schedule separate meetings for March 28 to vote on their merger.
January 6, 2016
Starwood wraps 2015 with 220 signings, a 26 percent increase over 2014. It marks the most signings of franchise and management agreements in one year in the company's history.
Dec. 15, 2015
Starwood promotes Thomas Mangas from CFO to CEO when interim CEO Adam Aron leaves to become CEO of AMC Entertainment Holdings.
Nov. 16, 2015
After a behind-the-scenes bidding war between Hyatt and Marriott, Starwood agrees to sell to Marriott for $12.2 billion—$70.08 in stock and $2 in cash per share.
Nov. 6, 2015
InterContinental Hotels Group releases a statement denying plans to merge with Starwood.
Oct. 29, 2015
Starwood announces its 11th brand, the Design Hotels collection.
Oct. 28, 2015
Starwood agrees to sell its $1.5 billion vacation ownership business, Vistana Signature Experiences, to Interval Leisure Group
CNBC reports that Hyatt Hotels Corp. is in talks to acquire Starwood.
Oct. 27, 2015
The Wall Street
Journal reports that three Chinese firms—Jin Jiang International Hotels, Hainan Airlines parent company HNA Group and sovereign-wealth fund China Investment Corp.—are in competition to buy Starwood.
July 30, 2015
The Financial Timesreports Starwood and InterContinental Hotels Group are discussing a merger. Other analysts suggest Hilton Worldwide is a more likely buyer.
April 30, 2015
Marriott CEO Arne Sorenson quashes speculation of a Marriott bid for Starwood, telling analysts during a first-quarter-2015 earnings call that the company is focused on organic growth. Hilton pledges to remain "open minded."
April 29, 2015
Starwood chairman Bruce Duncan announces the company is exploring strategic and financial alternatives, stating, "Nothing is off the table."
April 16, 2015
Starwood launches its 10th brand, Tribute Portfolio, a collection of upper-upscale independent hotels.
Feb. 17, 2015
Starwood CEO Frits van Paasschen resigns, and the board names Starwood director Adam Aron interim CEO. Chairman Bruce Duncan says the company is looking to drive growth and expansion.