China’s Anbang Raises Offer for Starwood to $14 Billion

China’s Anbang Insurance Group Co raised its offer for Starwood Hotels & Resorts Worldwide Inc to almost $14 billion, Starwood said on Monday, in the latest challenge to the U.S. hotel operator’s merger with Marriott International Inc.┬áThe bidding war for Starwood has pitted Marriott’s ambitions to create the world’s largest lodging company with about 5,700 hotels against Anbang’s drive to create a vast portfolio of U.S. real estate assets.┬áThe acquisition of Starwood, owner of the Sheraton and Westin brands, by Anbang would be the largest ever by a Chinese company in the United States.

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