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When the Marriott-Starwood news broke in November I wrote that I-Bankers may give us hope because of three points in the media reports:
- Deal will not close until mid-2016
- $400 million breakup fee if the deal falls through
- Investors not happy with the perceived low valuation of Starwood
Reports of a potential Chinese buyer to snap Starwood away from Marriott show that I-Bankers have been hustling around the world courting potential buyers to earn their share of the break-up fee and new deal fees.
There must be room for the Starwood brands and its team of committed hoteliers to thrive without being subsumed in Marriott. Even if it is just a China play, Marriott is the one that thinks Fairfield Inn is a great idea to bring to the market. No wonder Starwood has so much more cachet in China.
Will the self-interested greed of I-Bankers keep purple away from maroon?