Anbang has also undertaken more diversified acquisitions, using its complex ownership structure to claim interests in Chinese developers and banks. Recent reports suggest Anbang has $254 billion (1.65 trillion yuan) in assets under management.
But an Anbang purchase of Starwood wouldn't necessarily be about creating synergies with other hotel operations.
Sachin Shah, a strategist at Albert Fried & Co. merger arbitrage, said Anbang's rationale is different compared with Marriott's.
"It's basically just the name recognition," he told "Squawk Box Asia." "I'm not saying Anbang is the next Berkshire Hathaway. I'm just saying that they're diversifying and they're growing and they want their name out there."
Any deal between Starwood and Anbang would face scrutiny from U.S. regulators although it's been suggested the deal would have a clear passage to approval.
"If you are a Starwood shareholder you want some sort of assurance that the money you are going to get is going to be there at the end of the day," said Patrick Scholes, lodging and leisure analyst at SunTrust Equity Research.
"That's still a gray area right now. On top of that, there are still likely some U.S. and possibly Chinese regulations that this has to pass through. Again, that creates a higher degree of risk that if you go with Anbang, you may not get paid at the end of the day," he said on CNBC's "Squawk on the Street" Tuesday.
Marriott could also potentially collect a breakup fee of more than $400 million should it fail to secure Starwood, as part of the negotiation agreement.
Starwood has now scheduled a meeting to consider the proposals on April 8.
— CNBC's Krysia Lenzo contributed to this report.