Marriott International has raised its bid for Starwood Hotels, rivalling an offer from a consortium led by China's Anbang insurance, and has won acceptance from Starwood for the new terms, both companies said Monday.

Starwood's board decided that the revised terms "constitute a superior proposal" to the Anbang bid, the hotel chains said in a joint statement only days after Starwood dumped Marriott as a merger partner when Anbang put an improved offer on the table.