Anbang bids $20B to become global hotelier

SHANGHAI: Chinese insurance giant Anbang, virtually unknown abroad before buying New York’s historic Waldorf Astoria hotel, is bidding nearly $20 billion to become an international hotelier -- raising questions over why it wants to enter the hospitality business, and over its murky shareholding structure.

Anbang is on a shopping spree with a near-$13 billion offer for Starwood Hotels & Resorts Worldwide -- owner of the Sheraton and Westin brands — and a $6.5 billion purchase of 16 luxury hotel properties from hedge fund Blackstone.