New York, Mar 14 (EFE).– Starwood Hotels & Resorts Worldwide, Inc., owner of the Sheraton and Westin chains, said Monday it received an unsolicited $12.8 billion takeover bid from a consortium led by Chinese insurance company Anbang.

In Costa Rica, Starwood operates the all-inclusive Westin Golf Resort & Spa in Playa Conchal, Cabo Velas, province of Guanacaste. Other Starwood properties in Costa Rica include the Sheraton San Jose in Escazu and the Aloft Hotel in the downtown district.

Starwood noted in a statement that it was in the process of completing the merger with Marriott International, Inc. announced last November.

Although Starwood did not identify the members of the consortium, Anbang was mentioned in a statement rleased by Marriott.

The consortium is offering “to acquire all of the outstanding shares of common stock of Starwood for $76.00 per share in cash,” Starwood said.

The offer represents a 7.9 percent premium to Starwood’s closing price last Friday and is above the $65.38 offered by Marriott.

Anbang made a splash in the U.S. hotel industry in October 2014, when it agreed to acquire New York’s landmark Waldorf Astoria Hotel from Hilton Worldwide for $1.95 billion.

The consortium led by Anbang presented its offer last Thursday and negotiations started a day later, Starwood said.

Marriott, for its part, said it was committed to closing the deal with Starwood, which would have to pay a $400 million break-up fee if the deal falls through.

“The combined company will offer stockholders significant equity upside and greater long term value driven by a larger global footprint, wider choice of brands for consumers, improved economics to owners and franchisees leading to accelerated global growth and continued strong returns,” Marriott said, adding that it was “confident that the previously announced merger agreement is the best course for both companies.”

Starwood said it received approval from Marriott to weigh the new offer, with the waiver expiring at midnight on March 17.

Starwood said its board still favored the merger with Marriott. EFE