Pursuits
Anbang Expands U.S. Hotel Foray With Record $6.5 Billion Deal
- Strategic Hotels purchase tops Waldorf Astoria acquisition
- Chinese insurer to gain properties from San Diego to Manhattan
China's Anbang in $6.5B Hotels Deal with Blackstone
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Anbang Insurance Group Co.’s $6.5 billion agreement to buy 16 U.S. luxury resorts and hotels from Blackstone Group LP marks a record transaction for Chinese buyers of American real estate, showing the strong appetite for high-profile properties viewed as stable investments.
The pending acquisition of Strategic Hotels & Resorts Inc. will give Anbang ownership of trophy properties across the country, including urban hotels and mountain, desert and ocean resorts. It tops the Beijing-based insurer’s $1.95 billion purchase last year of New York’s landmark Waldorf Astoria hotel as the biggest U.S. real estate deal by a Chinese buyer, according to data from Real Capital Analytics Inc.