Despite word that China's Anbang Insurance Group
Co. has put forth a competing $12.8 billion offer to buy Starwood Hotels &
Resorts, Marriott International is still on track to acquire Starwood,
Marriott announced Monday. Starwood notified Marriott of the bid from a
consortium of investors led by Anbang on March 11. Starwood has until March 17
to consider the offer but stated its board of directors so far hasn't altered its
recommendation in support of the company's merger with Marriott. Shareholders
from Starwood and Marriott will vote on the merger on March
28. On Saturday, Reuters reported Anbang agreed to
acquire Strategic Hotels & Resorts, which has a portfolio of 16
upper-upscale and luxury properties, from The Blackstone Group for $6.5
billion. Anbang also acquired the Waldorf
Astoria New York for $1.95 billion last year.