Blackstone Group, a New York-based private equity firm, agreed to sell its Strategic Hotels & Resorts luxury resort company to China’s Anbang Insurance Group for around $6.5 billion, according to Bloomberg Business.
The Strategic Hotels & Resorts portfolio includes 16 U.S. properties, such as the Four Seasons in Scottsdale, Ariz, and Jackson Hole, Wyo., and two Ritz-Carltons in California. The luxury hotel company also owns the 679-room Hotel del Coronado in San Diego (with 65,000 square feet of indoor and outdoor function space).
Blackstone acquired Strategic in December 2015 and was planning to sell individual properties in the portfolio, until it received the offer that amounted to nearly $450 million more than it had paid for the company.
Anbang Insurance Group is also part of the Chinese-led investor group that submitted an unsolicited bid for Starwood Hotels & Resorts at $76 a share in cash, as made public on Monday, March 13.
