Skip to content
Subscriber Only

Blackstone Ends Plan to Sell Landmark Hotel to China's Anbang After U.S. Opposition

  • San Diego’s Hotel del Coronado was part of Strategic purchase
  • Insurer already bought 15 of 16 hotels in $6.5 billion deal
The Hotel del Coronado.

The Hotel del Coronado.

Photographer: Daniel Knighton/Getty Images
Updated on

A deal by China’s Anbang Insurance Group Co. to purchase a landmark Southern California hotel near a major naval base from Blackstone Group LP was called off following opposition from U.S. national-security officials, according to people with knowledge of the decision.

Blackstone ended the sale of the Hotel del Coronado near San Diego, estimated to be worth about $1 billion, after concerns were raised by the Committee on Foreign Investment in the United States, according to the people, who asked not to be identified because the sale process is private. The interagency body, led by the Treasury Department, reviews acquisitions of American businesses by non-U.S. entities for national-security risks.