Starwood Hotels attracts new €11.5bn bid that could derail Marriott's takeover plans

US hotel operator Starwood Hotels & Resorts Worldwide yesterday received a higher buyout offer from a consortium led by China’s Anbang Insurance Group that could derail Marriott International’s planned takeover of Starwood.

Marriott said it remained committed to the deal, which would create the world’s largest hotel chain with top brands including Sheraton, Ritz Carlton, and the Autograph Collection.

Starwood’s shares rose 7.5%, while Marriott, which made a $12.18bn (€10.92bn) offer in November, was up 3%.