Chinese investor makes $2b investment in U.S. hotels
China Life Insurance Co. has invested with Starwood Capital Group in approximately $2 billion of select-service hotels in the United States. China Life will serve as both the anchor and leading investor for the portfolio alongside a group of sovereign wealth funds and other investors. The portfolio — spanning locations in 40 states — comprises 280 select-service hotels affiliated with premier global hospitality brands.
Chinese insurers have demonstrated a growing appetite for U.S. real estate. Last year, Starwood Capital sold the Baccarat Hotel in Manhattan to China-based Sunshine Insurance Group. And in the big headlining deal of 2015, China-based Anbang Insurance Group Co. paid $2 billion for the Waldorf Astoria Hotel in Manhattan. This year, Anbang was in a bidding war with Marriott International for Starwood Hotels & Resorts WorldWide, but lost.
Also in 2016, China Life Insurance bought the PaineWebber Building in New York City for $1.65 bi