The surprise move ends an almost three-week bidding war that threatened to upend a deal with Marriott that had been in the works since November. Anbang, which last weekend made a non-binding offer of $82.75 a share in cash, didn’t provide a reason for its withdrawal, said the people, who asked not to be named because the move hasn’t been made public.

Carrie Bloom, a spokeswoman for Starwood, declined to comment. Representatives for Beijing-based Anbang couldn’t immediately be reached. The bid withdrawal was reported earlier by the Wall Street Journal. Read more