The acquisition will create the world's largest hotel chain with top brands including Sheraton, Ritz Carlton and the Autograph Collection.

Pioneer, which has about 230,000 acre in the Eagle Ford Basin according to its website, sold a 45 per cent interest in the property to Reliance for $1.2 billion in 2010.

According to a report in The Wall Street Journal on Sunday, the size of the deal could not be learned and discussions between the parties were at an early stage.