万豪国际原本打算与喜达屋“联姻”，打造全球最大酒店集团。谁曾想，如今安邦保险集团横空“插了一脚”。

3月14日，喜达屋发布公开声明称，公司收到一家财团发来的无约束力收购要约，对方称愿以每股76美元现金收购公司所有股票。这一报价较喜达屋上个交易日的收盘价溢价7.9%。

虽然喜达屋并未在上述声明中提及财团的具体身份，但万豪同日表示，发出新收购提议的财团由中国安邦保险集团领衔。《华尔街日报》援引知情人消息称，上述财团中还包括中国春华资本（Primavera Capital）和美国投资公司J.C. Flowers。

 

按照喜达屋目前1.7亿流通股计算，安邦主导的财团对喜达屋提出的交易总价将为129亿美元，高于万豪此前提出的122亿美元。

 

一旦安邦与喜达屋达成收购协议，就将刷新中国大陆买家收购美国房地产资产的最高单笔成交记录，也将是美国酒店业史上最高的成交记录。

 

就在昨日（13日），在黑石同意之后，安邦将接手黑石旗下地产投资信托企业Strategic Hotels & Resorts Inc.转让给中国安邦保险集团，交易价约为65亿美元，这将是中国大陆买家收购美国房地产资产的最高成交价格，也远超安邦2014年购买纽约华尔道夫酒店(Waldorf Astoria hotel)所花费的19.5亿美元。不过，收购价格尚未最终确定下来。

值得注意的是安邦和万豪国际的关系，因为Strategic集团以连锁方式经营着17家酒店，其中就包括万豪国际，其他包括凯悦酒店、洲际酒店等。

安邦近年来对收购海外豪华酒店展现出勃勃雄心。黑石原本打算只出售Strategic酒店集团的部分资产，而安邦先发制人提出购买整个资产。

 

彭博社昨日称，豪华及奢华型房地产近些年一直是最抢手的资产，部分原因是他们所处的地段和建筑成本让他们难以被取代。在美国住宿业处于长达6年的复苏阶段后期之际，尽管酒店房价和入住率增长缓慢，但市场对久负盛名的酒店依然需求强劲。

 

万豪国际去年11月中旬提出将以现金加股票的形式支付122亿美元收购喜达屋，欲打造全球最大的酒店运营商。若交易完成，将产生全球最大连锁酒店集团，在100多个国家和地区拥有5500家酒店，客房总数达110万间。根据协议，如果喜达屋最终选择接受另一家公司的收购，则须向万豪支付4亿美元的解约金。
 

去年更早的报道称，包括锦江国际、海航集团和中投公司在内，至少有三家大型中资企业向国家提交报告欲竞购喜达屋集团。考虑到潜在的收购规模，中国政府希望只有一家中资企业去竞价，以免在竞购过程中互相提价。

喜达屋在周一发布的声明中还称，将“仔细考虑公司与该财团的协商结果，以确定竞购过程符合公司及公司股东的最佳利益。”不过，该集团同时称仍支持万豪国际的收购提议。

喜达屋旗下拥有喜来登、威斯汀、瑞吉等酒店品牌，在全球拥有超过1200座房屋的产权。

截止2015年2月底，安邦保险集团的总资产规模达到8000亿元（约合1230亿美元）。

周一，喜达屋股价盘前一度上涨8.4%，至每股76美元。万豪国际股价盘前一度上涨1.6%，至70美元。

 

喜达屋内部邮件：

 

Dear Associates,

 

Moments ago, we issued a press release announcing that we received a competing offer from a consortium of companies to buy Starwood.  The consortium has requested that their names not be made public at this time. We realize this news raises some questions, so I wanted to give you some context around what it means. 

 片刻前,我们发布了一份新闻稿中宣布,我们接到一个财团的竞争提供的公司购买喜达屋，该财团要求他们的名字没有被公开。我们意识到这个新闻引发了一些问题,所以我想跟大家讲讲这些意味着什么。

 

Our Board of Directors, with our outside advisors, will carefully consider the outcome of its discussions with the consortium to determine the best course of action for our company and our stockholders.   We cannot speculate as to what these discussions and the outcome of the Board’s review will bring.

 我们的董事会与外部顾问,将会认真考虑与该财团讨论的结果，以此来确定对我们公司和股东的最佳行动方案。我们现在还无法推测这些讨论和董事会的审查将带来的结果。

 

We fully recognize that this new development is distracting at a time when we already have much change underway.  You have my word, as has been the case with the integration planning process, our guiding principle is to communicate with our team as transparently as we can and we will come back to you as we can. 

 我们清楚的意识到，变化已经开始了。你们要相信,已经集成规划过程一样,我们的行动原则是，与我们的团队尽可能透明的沟通,并近最大可能的给大家反馈。

 

We should all be proud of the incredible organization we’ve built together, and the value of our powerful brands and positioning around the world.  I want to thank you for all of your hard work, which has allowed us to keep winning in the market, grow our brands, break signing records, create value for owners and welcome guests into our extraordinary hotels every day. 

 我们都应该感到骄傲，为我们一起建造起来的这个不可思议的组织、我们强大的品牌的价值和在世界各地的项目。我想感谢大家所有努力的工作,让我们持续赢得的市场和品牌发展,不断打破客单记录,为业主创造价值，每天迎接客人到我们的酒店。

 

Regards,

 

Tom

 

Thomas B. Mangas

CHIEF EXECUTIVE OFFICER

 

 

万豪国际内部邮件：

 

 

 

 

万豪国际内部邮件

 

喜达屋在周一发布的声明中还称，将“仔细考虑公司与该财团的协商结果，以确定竞购过程符合公司及公司股东的最佳利益。”不过，该集团同时称仍支持万豪国际的收购提议。

 

喜达屋提供的对外报道

 

 

 

Stamford, CT, March 14, 2016 – Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) (“Starwood”) today announced that on March 10, 2016 it received a non-binding proposal from a consortium of companies (the “Consortium”) to acquire all of the outstanding shares of common stock of Starwood for $76.00 per share in cash. Pursuant to separate agreements entered into by Starwood, stockholders would additionally receive consideration in the form of Interval Leisure Group (“ILG”) common stock from the previously announced spin-off of its vacation ownership business, Vistana Signature Experiences, and subsequent merger with ILG, currently valued at approximately $5.50 per Starwood share, based on the 20-day VWAP (volume weighted average price) of ILG common stock ending March 11, 2016.

斯坦福，2016年3月14日——喜达屋酒店及度假酒店集团（NYSE: HOT）（简称“喜达屋”），今天宣布其于2016年3月10日，收到一份来自于某企业财团的非约束性要约邀请，要求以每股76美元现金收购全部喜达屋的普通股流通股。依照喜达屋另外签署的协议，喜达屋股东还将从早先已经宣布的分拆喜达屋分时度假业务（Vistana Signature Experiences）和随后与ILG集团的合并交易中额外获得依据20日加权平均价格估值的、目前价值大约为5.50美元的Interval Leisure Group (“ILG”)的普通股股票。

 

As announced on November 16, 2015, Starwood entered into a definitive merger agreement with Marriott International, Inc. (NASDAQ: MAR) (“Marriott”) under which Marriott would acquire Starwood in a stock and cash transaction. Starwood has received a waiver from Marriott enabling it to engage in discussions with, and provide diligence information to, the Consortium in connection with its proposal. Starwood commenced discussions with the Consortium on March 11, 2016. The Marriott waiver expires at 11:59 pm Eastern Time on March 17, 2016.

由于喜达屋与万豪国际集团(NASDAQ: MAR) （简称“万豪”）于2015年11月16日，已经达成一项决定性的合并协议，万豪会以现金加股票的方式收购喜达屋。目前，喜达屋已经收到万豪的免责声明，允许其与该财团就此要约邀请进行接洽商讨，并提供相应所需的尽职调查信息。喜达屋与该财团于2016年3月11日已经正式开始接洽商讨。万豪的免责声明将于美国东部时间2016年3月17日晚11:59到期。

 

Starwood’s Board of Directors has not changed its recommendation in support of Starwood’s merger with Marriott. The Board, in consultation with its legal and financial advisors, will carefully consider the outcome of its discussions with the Consortium in order to determine the course of action that is in the best interest of Starwood and its stockholders. The Consortium has not completed diligence and there are a number of matters to be resolved in the Consortium’s proposal. There can be no assurance that discussions will result in a binding proposal from the Consortium or that a transaction with the Consortium will be approved or consummated. Starwood does not intend to comment further on its discussions with the Consortium prior to the expiration of the waiver period.

喜达屋董事会目前还未改变支持与万豪的合并的建议。当然，董事会将会同法律和财务专家，认真考虑与该财团的商讨结果，以期做出对喜达屋公司和其股东们最好的决定。该企业财团目前还在尽职调查过程中，而且要约本身也有很多事宜亟待解决。目前暂不确定该接洽商讨是否会促使该企业财团提出一个有约束力的正式要约、或最终批准或者达成与该财团的交易。喜达屋目前暂时不希望在免责声明到期之前，进一步评论与该财团的商讨内容。

 

Under the terms of the merger agreement with Marriott, at closing, Starwood stockholders would receive 0.92 shares of Marriott International, Inc. Class A common stock and $2.00 in cash for each share of Starwood common stock. The total consideration to be paid by Marriott, excluding debt assumed, totals $10.8 billion, consisting of $10.5 billion of Marriott common stock, based on the 20-day VWAP of Marriott common stock ending on March 11, 2016, and $339 million of cash, based on approximately 170 million fully diluted Starwood shares outstanding at February 19, 2016. Based on Marriott’s 20-day VWAP ending March 11, 2016, the merger transaction has a current value of $63.74 per Starwood share, including the $2.00 cash per share consideration. Starwood stockholders will separately receive consideration from the spin-off of the Starwood timeshare business and subsequent merger with ILG of approximately $5.50 per Starwood share, based on the 20-day VWAP of ILG common stock ending March 11, 2016.

根据之前与万豪的协议，收购交易完成时，喜达屋股东手中每股普通股股票将会获得0.92股万豪A级普通股以及2美元现金。除去可能的借贷，万豪将为此次交易支付约108亿美金，包括价值105亿美金的万豪普通股股票（基于至2016年3月11日的20日加权平均价格估算的价值），以及3.39亿美元的现金（基于至2016年2月19日估算的大约1.7亿喜达屋普通股数量）。基于至2016年3月11日的20日加权平均的万豪普通股价值估算，该合并交易导致的喜达屋普通股目前估值为63.74美元，包括每股2美元现金。喜达屋股东另外还将从分拆喜达屋分时度假业务和随后与ILG集团的合并交易中额外获得每股价值约5.50美元的股份（基于至2016年3月11日的20日加权平均价格估算的ILG普通股价值）。

 

Lazard and Citigroup Global Markets Inc. are serving as financial advisors and Cravath, Swaine & Moore LLP is serving as legal counsel to Starwood.

Lazard Frères & Co. LLC与花旗集团全球市场部，目前是喜达屋集团的财务顾问，Cravath, Swaine & Moore LLP，目前是喜达屋集团的法律顾问。