Chinese-based investors led by Anbang Insurance Group have upped the ante, once again outbidding Marriott International for control of the Starwood Hotels & Resorts.

Starwood received a new US $15 billion offer March 26 from a consortium of companies, reported the Associated Press. Starwood announced last Monday it would accept Marriott’s higher offer for $14.4 billion. In November last year, Marriott proffered an initial bid of $12.2 billion which if accepted would have created the largest hotel chain in the world, operating more than 5,500 hotels and 1.1 million rooms worldwide. If Starwood ends the merger agreement, it will owe Marriott a US $450 million termination fee. Shareholders for both Marriott and Starwood are set to vote on April 8. Starwood said its Board of Directors has not changed its recommendation in support of Starwood's merger with Marriott. If Anbang succeeds  in acquiring Starwood, it would  be the largest takeover of a US company by a Chinese investor and give it a major presence in the hospitality industry in the United States. ANbang bought Manhattan’s landmark Waldorf Astoria last year for $1.95 billion, and is in a deal to acquire luxury-property owner Strategic Hotels & Resorts Inc. for about $6.5 billion. Gaining Starwood would add brands such as Sheraton, W, and St. Regis, as well as about $4 billion worth of real estate.