A Chinese insurance company on Friday outbid Marriott for the right to buy the owner of the Sheraton, W Hotels and St. Regis chains.

Deep-pocketed Anbang Insurance raised its all-cash offer for Starwood Hotels by $2 a share, to $13.16 billion, blowing Marriott’s mostly-stock offer out of the water and sending the 4,000-property chain home without its prize.

In December, Starwood had agreed to be bought by Marriott for $12.2 billion.

The deal to buy Starwood Hotels for $83.67 a share, the largest-ever acquisition of a US company by a China-based investor, continues Anbang’s US hotel buying spree.

In 2014, Anbang bought the storied Waldorf Astoria for a record $1.95 billion. In the last week, the insurer reached a deal to buy the Blackstone Group’s Strategic Hotels & Resorts nameplates for $6.5 billion.

Strategic Hotels’ properties include the Four Seasons Washington, DC, on Pennsylvania Avenue, the Westin St. Francis on Union Square in San Francisco and the beachfront Ritz-Carlton Laguna Niguel in Orange County, Calif.

Shares of Starwood were up 4.7 percent in mid-morning trading on Friday, to $80.

Anbang’s partners in the bid include J.C. Flowers & Co. and Primavera Capital Group, a China-based private equity firm.