Anbang-J.C. Flowers-Primavera Consortium Determines not to Proceed with Its Proposal to Acquire Starwood

PR63960

NEW YORK, Apr. 1, 2016 /PRNewswire=KYODO JBN/ --

Anbang Insurance Group Co., Ltd., together with its partners J.C. Flowers & Co.

and Primavera Capital Limited, (collectively, "the Consortium" ), today

announced that the Consortium has determined not to proceed with its proposal

to acquire Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) ("Starwood").

The Consortium issued the following statement:

"We were attracted to the opportunity presented by Starwood because of its

high-quality, leading global hotel brands, which met many of our acquisition

criteria, including the ability to generate consistent, long-term returns over

time.  However, due to various market considerations, the Consortium has

determined not to proceed further.  We thank the Starwood Board, management

team and its advisors for their efforts and support throughout this process."

About Anbang Insurance Group   

Anbang Insurance Group Co., Ltd. is a comprehensive insurance company, based in

China, with a global network of over 35 million customers. Anbang's business

areas cover life insurance, property and casualty insurance, health insurance,

pensions, banking and asset management. Anbang remains well positioned through

the strength of our leading international franchises and their growth

potential.  We look forward to continuing to execute on opportunities to meet

our long-term value-driven strategic goals.

About J.C. Flowers & Co.

J.C. Flowers & Co. is a leading private investment firm dedicated to investing

globally. Founded in 1998, J.C. Flowers & Co. includes, among others, a SEC

registered investment adviser, J.C. Flowers & Co. LLC, that manages private

equity funds, a broker dealer, J.C. Flowers Securities Co. LLC, that is SEC

registered and a FINRA member and a fixed income asset management platform,

J.C. Flowers Asset Management LLC.

About Primavera Capital Limited

Primavera Capital ("Primavera") is a leading Asia-based investment firm. The

firm employs a flexible strategy of growth capital and control-oriented

investments and seeks to create long-term value by working closely with

portfolio companies to improve operational efficiency, competitiveness, and

earnings growth. Founded by Dr. Fred Hu, a renowned economist and successful

investor, and a former partner and Chairman of Greater China at Goldman Sachs

Group, the Primavera team combines global capital market experience, deep

industry knowledge, and a strong network of relationships with

policy-makers/regulators as well as leading CEOs and entrepreneurs in Asia and

globally.

Contacts

Joele Frank / Andy Brimmer / Jonathan Keehner / Adam Pollack

Joele Frank, Wilkinson Brimmer Katcher

+1-212-355-4449

SOURCE: Anbang Insurance Group Co., Ltd.; J.C. Flowers & Co.; Primavera Capital

Limited