The shareholders of both companies approved the deal in April.
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Marriott International and Starwood Hotels and Resorts have granted the Chinese Ministry of Commerce an extended period to review the proposed merger of the two hotel groups.
On Marriott’s second quarter earnings call on July 28, CEO Arne Sorenson said he was “optimistic that we will receive clearance from China and will complete the transaction in the coming weeks”. The companies have had the deal approved by regulatory authorities representing 40 countries, including the US, the EU, Canada and Japan.
Anbang had offered $14 billion in cash but an acquisition by the Chinese firm would probably have faced scrutiny by the Committee on Foreign Investment in the United States, an interagency panel that reviews deals to ensure they do not harm national security.
Marriott executives had originally expected the Chinese government to complete its anti-trust reviews by August 9, according to a July 28 call with Wall Street analysts.
Chinese regulatory approval is the last hurdle for merger to clear. With clearance from other nations, China represents that last approval needed before the transaction can close.
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The deal will make Marriott the largest hotel operator in the world, bringing together hotel names like Ritz-Carlton, Courtyard and JW Marriott with Sheraton, Westin and St. Regis.
