It's a bit awkward, isn't it? To be back where we were five months ago. Marriott International is buying Starwood Hotels & Resorts. It's as true now as it was on Nov. 16, when the deal went public, and yet so much has happened. We've outlined a whole timeline of the Starwood sale process, so I don't intend to repeat it all once more here. But let's go over the bullet points of the past month. Starwood agreed to be acquired by Marriott. A Chinese consortium led by Anbang Group Insurance Co. submitted an unsolicited, all-cash takeover bid of Starwood. Starwood accepted. Marriott came back, with more cash this time. Starwood accepted. Then Anbang came back once more with even more cash.

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