Anbang expands U.S. hotel portfolio
The Blackstone Group is reportedly in talks to sell its Strategic Hotels & Resorts portfolio to China’s Anbang Insurance Group Co. for about $6.5 billion. An official statement has not been released.
Blackstone acquired Strategic Hotels & Resorts in 2015 for $6 billion. Strategic Hotels owns 16 luxury properties with 7,532 rooms. Assets include multiple Four Seasons hotels and Ritz-Carlton hotels, JW Marriott Essex House Hotel in New York City, the Fairmont Scottsdale in Arizona, and the Hotel del Coronado near downtown San Diego.
In separate news, Anbang and its partners placed a $14 billion bid for Starwood Hotels & Resorts Worldwide. In November 2015,