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China's Anbang Ups Offer for US Hotel Company

  • Ken Bredemeier

A worker cleans windows of the Anbang Insurance Group's building in Beijing, March 16, 2016. Anbang is in a bidding war with Marriott for the acquisition of Starwood Hotels & Resorts.

A worker cleans windows of the Anbang Insurance Group's building in Beijing, March 16, 2016. Anbang is in a bidding war with Marriott for the acquisition of Starwood Hotels & Resorts.

China's Anbang Insurance Group renewed its fight Monday for control of a large U.S. hotel company, increasing its offer for Starwood Hotels & Resorts.

Anbang, engaging Marriott International, the biggest U.S. hotel company, in a bidding war, offered $14 billion for Starwood, which controls 1,300 properties in 100 countries.

Starwood, which operates the St. Regis, Westin and Sheraton hotel brands among others, said the Anbang offer was "reasonably likely" a "superior proposal" that topped Marriott's $13.6 billion offer of a week ago.

But Starwood's board did not immediately change its recommendation to support its merger with Marriott, which would create the world's biggest hotel company with 1.1 million rooms. The Starwood board said it would consider the offers over the coming days.

Beijing-based Anbang already owns one major U.S. hotel, the Waldorf Astoria in New York.

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