A Marriott flag hangs at the entrance of the New York Marriott Downtown hotel in Manhattan, New York in this November 16, 2015 file photo. [Photo/Agencies]

NEW YORK - Starwood Hotels & Resorts Worldwide announced Friday that the consortium led by China's Anbang Insurance Group has increased the takeover bid to $13.2 billion.

The Chinese-led investor group includes Anbang, Primavera Capital and J.C. Flowers. The group proposed to acquire all of the outstanding shares of common stock of Starwood for $78 per share in cash, an increase from the $76 proposal made on March 10, 2016.

Starwood announced that Starwood Board of Directors, in consultation with its legal and financial advisors, has determined that the Anbang consortium's proposal constitutes a "Superior Proposal".

Starwood entered into a definitive merger agreement with Marriott International Inc last November. Marriott's cash-and-stock offer is worth about $11 billion, according to last Friday's closing price.

Marriott has the right until March 28 to negotiate revisions to the existing merger agreement between Marriott and Starwood.

Marriott said Friday it is in the process of reviewing the Anbang consortium's proposal and is carefully considering its alternatives.

Anbang announced Friday that the consortium is pleased with the determination by Starwood Board of Directors.

The consortium is confident that any regulatory requirements will be satisfied and "we look forward to closing this transaction in a timely fashion."

Anbang and its partners look forward to this combination with Starwood that ensures the retention of Starwood's management team, current operations, global business plan.

Starwood is one of the leading luxury hotel and the owner of the Westin and Sheraton brands, with nearly 1,300 properties in some 100 countries and approximately 188,000 employees.

Anbang is one of the largest insurance groups in China. According to the company, Anbang has achieved total assets of RMB 1.65 trillion yuan ($250 billion) with over 3,000 branches in 31 provinces.

The Chinese insurer has made headlines with the acquisition of Waldorf Astoria, the landmark hotel on Park Avenue in the Big Apple in October 2014. Under the agreement, Anbang purchased the iconic luxury hotel for $1.95 billion from Hilton Worldwide Holdings.