Marriott International CEO Arne Sorenson said Friday he's pleased the hospitality giant prevailed in its quest to acquire Starwood Hotels & Resorts Worldwide, but he would have liked to have paid $1 billion less for the property.
Ending a heated bidding war, a consortium led by China's Anbang Insurance said Thursday it was walking away from its proposed takeover of Starwood, worth about $14 billion.
"They were real with their first bid … 10 or 11 percent higher than the [initial] deal we had on the table — fully financed, fully credible, [and] essentially no conditions," Sorenson told CNBC's "Squawk Box."
The original March 14 overture from the Anbang group forced Marriott to sweeten its November 2015 offer of $12.2 billion to $13.6 billion. In turn, Anbang upped its bid on March 26.
But less than a week later, Anbang reconsidered, saying "due to various market considerations, the consortium has determined not to proceed further."