Blackstone sells Strategic Hotels to Anbang for $6.5 billion
Blackstone Group LP has agreed to sell Strategic Hotels & Resorts to Anbang Insurance Group of China. According to Bloomberg, the deal will be valued at $6.5 billion and comes just three months after Blackstone purchased the US luxury-resort company.
The price is about $450 million more than Blackstone paid for Strategic in December. The New York-based private equity firm had been expected to sell individual properties in the portfolio. However, Anbang made a pre-emptive offer for the entire company.
The transaction marks a deeper push into United States hospitality for Beijing-based Anbang, which last year purchased the landmark Waldorf Astoria in New York.
It would rank as the largest U.S. real estate purchase by a buyer from mainland China, according to data compiled by Bloomberg. Strategic Hotels owns 16 luxury hotels in the U.S., including 5 Four Seasons branded hotels.