Starwood

Anbang’s exit from Starwood Hotels bidding raises questions over its business model and standing with Chinese regulators.

Starwood Hotels & Resorts Worldwide, Inc. announced that it received a revised binding offer from the consortium led by Anbang Insurance Group.

Somewhere between their Westin Heavenly Beds and the room’s rainfall shower system, Starwood hotel loyalists were struck Monday morning by a new reality: their beloved loyalty program would soon be gobbled up by Marriott’s less-generous reward system.

Marriott International is buying rival hotel chain Starwood for $12.2 billion in a deal that will secure its position as the world’s largest hotelier.