Chinese insurance company Anbang has raised an offer for hotel group Starwood to $14 billion (£9.8 billion), topping the $13.6bn offer from rival hotel chain Marriott that gained support from Starwood's board.

Starwood owns several hotel brands, including Sheraton, Westin and St Regis.

Anbang, whose consortium includes private equity firms JC Flowers & Co and Primavera Capital, has been making a push into the US market in recent years, with the purchase of the Waldorf Astoria hotel in New York in 2014.