Anbang to buy 16 hotels from Blackstone for $6.5B

Strategic Hotels portfolio includes JW Marriott Essex House

TRD New York /
Mar.March 14, 2016 08:00 AM

Anbang Insurance Group is vastly expanding its U.S. hotel presence.

The Beijing-based insurance giant will pay the Blackstone Group $6.5 billion for the Strategic Hotels & Resorts portfolio, 16 U.S. hotels in all, including the JW Marriott Essex House at 160 Central Park South.

The deal is the biggest real estate purchase by a Chinese company in the U.S. to date, Bloomberg reported.

Blackstone acquired the portfolio just a few months ago, when it paid $6 billion for Strategic Hotels & Resorts late last year.

“It’s a great long-term play for Anbang and a good short-term move by Blackstone,’’ Sonny Kalsi, founder of private equity firm GreenOak Real Estate, told Bloomberg. “A true win-win.”

The portfolio also includes the Four Seasons hotels and resorts in Silicon Valley, Washington and Jackson Hole, Wyoming, as well as the Intercontinental hotels in Chicago and Miami.

Anbang went into contract for the iconic Waldorf Astoria Hotel back in 2014 for $1.95 billion and closed in early 2015. The Real Deal in March 2015 reported a blow-by-blow account on how the deal was struck. [Bloomberg]Ariel Stulberg


Related Articles

arrow_forward_ios
Blackstone's Jonathan Gray (Credit: Getty Images and iStock)

Here’s a look at Blackstone’s industrial plays after its record-breaking portfolio purchase

From left: Jonathan Gray and Steve Schwarzman with Stuyvesant Town

Behind Blackstone’s “capital strike”

October Issue is Live

The Real Deal‘s October issue is now available to subscribers!

Blackstone's Jonathan Gray (Credit: Getty Images and Wikipedia)

Blackstone buys Colony Capital’s warehouse portfolio for $6B

Here’s why landlords don’t hate California’s rent control bill

Here’s why landlords don’t hate California’s rent control bill

Bizarre case of deed fraud complicated Anbang’s $5.8B hotel portfolio deal

Bizarre case of deed fraud complicated Anbang’s $5.8B hotel portfolio deal

65 East 55th Street and EQ Office CEO Lisa Picard (Credit: Park Avenue Tower and VTS)

Blackstone looks to sell Park Ave Tower for more than $800M

Blackstone CEO Steven Schwartzman and Stuyvesant Town (Credit: Getty Images)

After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies

arrow_forward_ios