The cash offer by Anbang and its investment partners is the latest in a wave of overseas deal-making by Chinese companies. So far this year, Chinese companies have announced $81.9 billion worth of foreign deals, compared with just $10.55 billion in the same period a year ago, according to Thomson Reuters data.

Anbang’s pursuit of Starwood follows fast on the heels of reports that the Chinese company has agreed to acquire Strategic Hotels and Resorts from the Blackstone Group in a deal valued at $6.5 billion just months after Blackstone bought the company.

Strategic Hotels owns the Four Seasons hotels and resorts in Silicon Valley, Washington and Jackson Hole, Wyo., the Fairmont and Intercontinental hotels in Chicago and the JW Marriott Essex House hotel in Manhattan.

Anbang, led by its chairman, Wu Xiaohui, has been an aggressive deal maker in recent years. Mr. Wu is married to the granddaughter of Deng Xiaoping, China’s former top leader who oversaw the opening of the Chinese economy to capitalism and investment from foreign companies.

In addition to its deal for Waldorf Astoria, Anbang, which is based in Beijing, has also bought an American insurer, Fidelity & Guaranty Life Insurance, for nearly $1.6 billion, and a controlling stake in a South Korean life insurer. Last year, it also unsuccessfully offered to buy a Portuguese lender.