The shares of Marriott International Inc. and Starwood Hotels & Resorts Worldwide Inc. had increased in the US trading. This was after the richest man in China, Wang Jianlin, said that he had hired two investment banks to acquire hotel management firms.
Marriott gained 3.2% which was its largest gain in three weeks while Starwood advanced 1.4% in trading on the New York Stock Exchange yesterday.
Wang's Dalian Wanda Group planned to build hotels in as many as 10 major cities around the world. The company proposed projects in cities including London and New York. This was according to a statement from Wang during an interview with Bloomberg News yesterday. Wang did not mention any investment banks or targets. He only said that he had been in discussions with "several" firms in the past year.
Wang said, "It's a slow process. Those companies we liked, they might not be willing to sell. Those willing to be bought, we might sometimes feel the brand isn't as good. For those open to a sale and at the right price, the negotiations can also sometimes be very tough."
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