Anbang Hires Bank of America for Luxury Hotels Sale

Anbang Insurance Group Co. has hired Bank of America Corp. to help sell a portfolio of U.S. luxury hotels formerly known as Strategic Hotels & Resorts Inc. as it continues to reverse a global buying spree that raised the ire of Beijing, according to people familiar with the matter.

Anbang selected Bank of America to run the sale after seeking requests for proposals from an array of potential advisers, said the people, who asked not to be identified because the information isn’t public. The portfolio includes the Westin St. Francis in San Francisco, the Loews Santa Monica Beach Hotel, the Fairmont in Chicago, Essex House Hotel in New York and the Four Seasons in Jackson Hole, Wyoming.