Anbang bulks up with $6.5b Blackstone deal

Anbang bulks up with $6.5b Blackstone hotel deal

The Chinese insurer is set to acquire Strategic Hotels & Resorts from the US private equity firm, according to a source.
Luxury resort Fairmont Scottsdale Princess bought by Strategic Hotels & Resorts in 2006.
Luxury resort Fairmont Scottsdale Princess bought by Strategic Hotels & Resorts in 2006.

Anbang Insurance Group is set to acquire Strategic Hotels Resorts from Blackstone for $6.5 billion, according to a person familiar with the matter on Monday, the latest deal in a global acquisition binge by the Chinese insurer.

Blackstone’s fund Blackstone Real Estate Partners VIII completed the acquisition of Strategic Hotels Resorts in December for $6 billion.

Strategic Hotels Resorts is a real estate investment trust Reit which owns and manages luxury hotels and resorts in the United States. It owns 17 properties with an aggregate of 7,921 rooms and 847,000 square feet of multi-purpose meeting and banqueting space.

Privately held Anbang has embarked on...

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