It is being reported that Chinese insurer Anbang has walked away from its latest bid for Starwood.

Anbang has yet to offer Starwood a reason for not following through with its takeover bid.

Over the weekend, consortium led by Anbang upped its offer for Starwood to close to 14-billion US dollars.

This would come out ahead of a proposal put forward by Marriot, which outbid Anbang with a sweetened cash-and-stock offer earlier this month.

Following Anbang's withdrawal, shares of both Starwood and Marriott fell about 4 percent in after-hours trading on Thursday.

Starwood is the owner of several hotel chains including Sheraton, Westin and St Regis.

Chinese insurer Anbang made headlines with its takeover of the Waldorf Astoria, a landmark hotel in New York City, in 2014.