Under the cash and stock agreement, Hyatt management would retail control of the combined companies. Talks between the two companies have been going on for weeks. On Tuesday, shares of Starwood rose amid reports that at least three Chinese firms were vying to buy the hotel giant. However, none of the companies have made an offer for Starwood, and it remains unclear if they ever will, sources told CNBC. Get the full story at CNBC Read also "Rumors of Chinese purchase drive Starwood stock prices up" at Luxury Daily