Chinese investors rival Marriott with $14bn offer for Starwood hotel chain

The chain, which owns Sheraton and St Regis hotels, said it still favors Marriott bid over that of Anbang Insurance Group, which bought Waldorf Astoria last year

Marriott International faces a battle in its bid for rival hotelier Starwood, owner of the W and Sheraton chains, after a Chinese consortium gatecrashed the merger with a $14bn offer.

The consortium, led by Anbang Insurance Group, has been taking major strides into the hotel industry, finalising a $6.5bn deal to US company Strategic Hotels & Resorts, which manages properties for a number of hotel owners, just days ago. It also bought New York’s Waldorf Astoria for almost $2bn in 2014.