A Chinese insurance giant which already owns many U.S. firms is locked in a battle with Marriott International Inc. to buy Starwood Hotels International. China’s Anbang Insurance Group Co has raised its offer for Starwood to almost US$14-billion in its latest challenge to the U.S. hotel operator’s merger with Marriott International Inc. The Business News Network (BNN) says the 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 investment portfolio of high-yielding U.S. real estate assets. The 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. BNN
