China's Anbang Insurance Group is reportedly acquiring some of the most elegant hotels in America including Four Seasons and Ritz Carlton.
Anbang purchased New York's Waldorf Astoria from Hilton Worldwide Holdings Inc in 2014 for $1.95 billion and now the group expands its U.S. hotel portfolio by acquiring Strategic Hotels & Resorts Inc..
Strategic Hotels' properties include the Four Seasons Washington, D.C. on Pennsylvania Avenue, the Westin St. Francis on Union Square in San Francisco, the beach-front Ritz-Carlton Laguna Niguel in Orange County, California, and Manhattan’s JW Marriott Essex House.
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| The Waldorf Astoria hotel in New York. PHOTO: ASSOCIATED PRESS |
Bloomberg reported that Blackstone Group LP agreed to sell Strategic Hotels & Resorts Inc. to China’s Anbang Insurance Group Co. for about $6.5 billion, just three months after it purchased the U.S. luxury-resort company.
