Anbang Insurance Group Co has announced that it has abandoned its $14 billion bid for Starwood Hotels & Resorts Worldwide Inc.

The Chinese company said in a statement released in the United States on Thursday that it would not proceed with a consortium - including J.C. Flowers & Co and Primavera Capital - to buy Starwood because of various market considerations. Analysts said price and regulators' attitudes may have played a significant role in the decision.

Starwood shares fell 0.27 percent to $83.43 on Thursday, while shares of Marriott Hotels & Resorts, which was competing with Anbang to acquire Starwood, fell 0.52 percent to $71.18.