Marriott, Starwood Rise as Wang Seeks to Buy Hotel Chains
Wang’s Dalian Wanda Group wants to build hotels in as many as 10 major cities around the world including projects planned for London and New York, Wang said in an interview with Bloomberg News at the World Economic Forum in Dalian yesterday. He didn’t name the investment banks or targets, and said he had been in talks with “several” companies over the past year.
“It’s a slow process. Those companies we liked, they might not be willing to sell,” Wang said. “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.”