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The Chinese-led consortium of investors attempting to buy Starwood Hotels & Resorts has outbid Marriott international for a second time, raising its offer to nearly $14bn (£9.8bn).
In a statement Starwood said the new bid from the investment group, led by Anbang Insurance, is reasonably likely to lead to a proposal “superior” to the deal it agreed to with Marriott seven days ago.
Starwood, which is due to begin discussions with the Chinese-led consortium, said its board has not changed its recommendation in support of its merger with Marriott.
If the two American hotel giants were to merge it would create the world’s largest hotel company, with more than 5,500 hotels and 1.1 million rooms across the world.
Meanwhile, Marriott has released a statement reaffirming its commitment to acquire Starwood, stating it is “confident” the previously announced amended merger agreement is the best course for both companies.
