喜达屋回应安邦再提价：我们看好安邦！

　　喜达屋董事会认为：由安邦保险集团公司、美国弗劳尔斯投资公司和春华资本有限公司组成的财团再度修改后提交的收购方案，相当有可能成为“更优方案”

　　康涅狄格州斯坦福德市，2016年3月28日——喜达屋酒店及度假酒店国际集团(纽约证交所股票代码：HOT)(下称“喜达屋”)今日宣布：其董事会在咨询法律顾问和财务顾问后，认为由安邦保险集团公司、美国弗劳尔斯投资公司和春华资本有限公司组成的财团(下称“该财团”)再度修改后提交的非约束性收购方案，相当有可能成为喜达屋之前同万豪国际集团(纳斯达克股票代码：MAR)(下称“万豪”)所达成的并购协议中定义的“更优方案”。

　　2016年3月26日，喜达屋从该财团收到一个尚不具约束力的收购方案。根据该方案，该财团将按照每股81美元的价格以现金方式收购喜达屋所有发行在外的普通股。喜达屋的董事会在咨询其法律顾问和财务顾问后，认为该意向相当有可能成为“更优方案”，而喜达屋也因此能够就这一方案同该财团进行商讨、并向其提供背景调查信息。喜达屋已于2016年3月26日开始同该财团进行商讨。在商讨过程中，该财团又再度修改了其收购方案，将每股喜达屋普通股的收购价格提高到了82.75美元。目前，喜达屋和该财团仍在就此方案中除价格条款以外的其他事宜继续讨论，以期最终敲定包括交易文件在内的有约束力收购方案的其他条款。

　　喜达屋的董事会，在咨询法律顾问和财务顾问后，将慎重考虑其同该财团商讨的结果，以便做出对喜达屋及其股东最为有利的决定。目前暂不确定上述商讨是否会促使该财团提出一个有约束力的收购方案，即便收到该方案，也不能保证其会被喜达屋董事会认定为“更优方案”，亦不能确保同该财团的交易最终会在某些特定条款的基础上被批准或者完成。

　　根据该财团目前修改过的方案所载条款，该财团将会按照每股82.75美元的价格以现金方式收购喜达屋所有发行在外的普通股。该收购价格较其此前于2016年3月18日提交的约束性收购方案中的价格每股上涨了4.75美元。按照喜达屋此前签订的其他协议，喜达屋的股东还有望从喜达屋度假产权业务的分拆以及该业务随后同Interval Leisure Group (纳斯达克股票代码： IILG)(下称“ILG”)的整合中，以ILG普通股的形式获得每股5.91美元的溢价(以2016年3月24日收盘时ILG的股价计算)。据此，该财团的最新报价加上同ILG的交易，使得喜达屋目前每股的价值升至88.66美元。

　　此前已经宣布，喜达屋打算于2016年3月28日召开股东大会，讨论同万豪的合并，股东大会将延期至2016年4月8日。目前喜达屋的董事会仍未改变其支持喜达屋同万豪合并的建议。

　　目前，喜达屋的财务顾问为Lazard公司和花旗环球市场公司(Citigroup Global Markets Inc.)，法律顾问为Cravath, Swaine & Moore LLP律师事务所。

　　Starwood Hotels & Resorts Board of Directors Determines Revised Proposal from Consortium Consisting of Anbang Insurance Group, J.C. Flowers and Primavera Capital is Reasonably Likely to Lead to a “Superior Proposal”

　　Stamford, CT, March 28, 2016 – Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) (“Starwood”) today announced that its Board of Directors, in consultation with its legal and financial advisors, determined that a revised, non-binding proposal from a consortium consisting of Anbang Insurance Group Co., Ltd., J.C. Flowers & Co. and Primavera Capital Limited (the “Consortium”) is reasonably likely to lead to a “Superior Proposal” as defined in Starwood’s merger agreement with Marriott International, Inc. (NASDAQ: MAR) (“Marriott”).

　　On March 26, 2016, Starwood received a non-binding proposal from the Consortium, under which the Consortium would acquire all of the outstanding shares of Starwood common stock for $81.00 per share in cash. Starwood’s Board, in consultation with its legal and financial advisors, determined that this proposal is reasonably likely to lead to a “Superior Proposal,” allowing Starwood to engage in discussions with, and provide diligence information to, the Consortium in connection with its proposal. Starwood commenced discussions with the Consortium on March 26, 2016 and, in those discussions, the Consortium made a revised proposal with an increased purchase price of $82.75 in cash per share of Starwood common stock. Starwood and the Consortium are continuing to discuss non-price terms related to the Consortium’s revised proposal, and are working to finalize the other terms of a binding proposal from the Consortium, including definitive documentation.

　　The Starwood Board, in consultation with its legal and financial advisors, will carefully consider the outcome of its discussions with the Consortium in order to determine the course of action that is in the best interest of Starwood and its stockholders. There can be no assurance that discussions will result in a binding proposal from the Consortium, that the Starwood Board will determine that any such proposal is a “Superior Proposal” or that a transaction with the Consortium will be approved or consummated on any particular terms or at all.

　　Under the terms of the Consortium’s current, revised proposal, the Consortium would acquire all of the outstanding shares of common stock of Starwood for $82.75 per share in cash, an increase of $4.75 per share from the Consortium’s prior binding proposal on March 18, 2016. Pursuant to separate agreements previously entered into by Starwood, Starwood stockholders would receive additional consideration in the form of Interval Leisure Group (NASDAQ: IILG) (“ILG”) common stock from the spin-off of its vacation ownership business, Vistana Signature Experiences, and subsequent merger with ILG, currently valued at $5.91 per Starwood share, based on ILG’s share price as of market close on March 24, 2016 (the “ILG Transaction”). On this basis, the Consortium proposal and the ILG transaction have a combined current value of $88.66 per share.

　　As previously announced, Starwood intends to convene its stockholder meeting to consider the merger with Marriott on March 28, 2016, and immediately adjourn the meeting until April 8, 2016. Starwood’s Board has not changed its recommendation in support of Starwood’s merger with Marriott.

　　Lazard and Citigroup are serving as financial advisors and Cravath, Swaine & Moore LLP is serving as legal counsel to Starwood.