Starwood Hotels and Resorts Worldwide is on the auction block, according to media reports, and Hyatt Hotels Corp. is reportedly among the bidders.
According to CNBC
, which broke the news yesterday, a deal could be as little as a week away. Under the proposed agreement, Hyatt would take control of the combined company.
"On Tuesday, shares of Starwood rose amid reports that at least three Chinese firms were vying to buy the hotel giant," CNBC reported. "However, none of the companies have made an offer for Starwood, and it remains unclear if they ever will."
According to Reuters
, which reported on the deal this morning, Starwood could be bought at over $100 per share, valuing the company at more than $17 billion.
Neither Hyatt nor Starwood has commented.MeetingNews Minute is now 30 Seconds to Smart. Up your meetings-industry IQ now!