NEW YORK-Blackstone Group is about to check out of Strategic Hotels & Resorts in a $6.5 billion sale to China’s Anbang Insurance Group.
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At the time that Blackstone took it private, Strategic Hotels owned 17 hotels operated by top hospitality chains including Hyatt Hotels Corp, InterContinental Hotels Group Plc and Marriott International Inc.
Blackstone has built itself into the world’s largest real-estate private-equity fund manager by assets, and typically holds such assets for years.
Properties of Strategic Hotels include the Four Seasons Washington, D.C., the Westin St Francis and the Ritz-Carlton Laguna Niguel.
Anbang also has been expanding its insurance business, purchasing Fidelity & Guaranty Life Insurance Company in the United States past year.
Strategic Hotels and Resorts includes hotels such as San Diego’s Hotel del Coronado and Essex House overlooking Manhattan’s Central Park. The previous year, the company has invested approximately $1.95 billion by acquiring Waldorf Astoria in the city of NY from Hilton Worldwide Holdings.
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Chinese investors have sought to buy US properties that cary prestige, like the Waldorf Astoria, and will benefit from a growing number of Chinese travelers overseas. Blackstone declined to comment on the new deal, while Anbang could not be reached for comment.
