Blackstone Group nears deal to sell hotel portfolio to Anbang Insurance Group

ANBANG-300x200

http://www.wsj.com/articles/blackstone-group-nears-deal-to-sell-hotel-portfolio-to-anbang-insurance-group-1457861656

U.S. private equity giant Blackstone Group LP is near a deal to sell a big portfolio of U.S. luxury hotels to Chinese insurer Anbang Insurance Group Co., according to a person familiar with the situation.

China’s Anbang, which already owns New York’s iconic Waldorf Astoria, is buying Strategic Hotels & Resorts Inc. from a Blackstone real estate fund that took the company private in a deal worth about $4 billion completed in December. Including debt, Blackstone’s buyout valued Strategic Hotels at around $6 billion.

Chicago-based Strategic Hotels owns several luxury properties, including the Essex House overlooking Manhattan’s Central Park and the Hotel del Coronado near San Diego. It owns a number of Four Seasons properties, including hotels in Washington, D.C., and Austin, Texas, and a resort in Jackson Hole, Wyo.

Bloomberg News first reported China’s Anbang had agreed to purchase Strategic Hotels from Blackstone.

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blackstone uh huh..and this anbang insurance needs a lot of watching..i have another post for them tomorrow..

“China’s Anbang, which already owns New York’s iconic Waldorf Astoria, is buying Strategic Hotels & Resorts Inc. from a Blackstone real estate fund that took the company private in a deal worth about $4 billion completed in December. Including debt, Blackstone’s buyout valued Strategic Hotels at around $6 billion.”

401

~ by seeker401 on March 16, 2016.

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