Starwood Hotels and Resorts said Friday that it is dumping a previous deal to sell itself to Marriott International after a different group of investors made a better offer — but that it will give Marriott a chance to improve its bid before finalizing the sale.
Marriott had trumpeted its bid to become the largest hotel company in the world by acquiring the owner of brands such as W Hotels, St. Regis, Westin and Aloft.