Anbang to buy 16 hotels from Blackstone for $6.5B

Strategic Hotels portfolio includes JW Marriott Essex House

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 Stephen Schwarzman (Getty)
Blackstone has raised $24B for its latest real estate fund
Blackstone has raised $24B for its latest real estate fund
Blackstone COO Jonathan Gray and CEO Stephen Schwarzman (Blackstone, Illustration by The Real Deal with Getty)
Blackstone posts $29M loss, touts relative strength of real estate holdings
Blackstone posts $29M loss, touts relative strength of real estate holdings
1330 Sixth Avenue, Empire Capital Holdings' Josh Rahmani and RXR's Scott Rechler (Google Maps, Empire Capital Holdings, Getty)
RXR, Blackstone selling 1330 Sixth Avenue for $325M
RXR, Blackstone selling 1330 Sixth Avenue for $325M
Columbia Property Trust CEO Nelson Mills and 799 Broadway (Columbia Property Trust, 799BroadwayNYC.com, iStock)
Columbia Property Trust lands $270M refi at 799 Broadway
Columbia Property Trust lands $270M refi at 799 Broadway
RXR’s Scott Rechler and 1330 Sixth Avenue (Getty, RXR)
RXR, Blackstone move to sell 1330 Sixth Avenue
RXR, Blackstone move to sell 1330 Sixth Avenue
Blackstone's Jonathan Gray (Blackstone, iStock)
Blackstone: Give me your tired, your poor REITs
Blackstone: Give me your tired, your poor REITs
Prologis CEO Hamid Moghadam (Prologis, iStock)
Industrial strength: Prologis’ run unmarred by Ukraine conflict
Industrial strength: Prologis’ run unmarred by Ukraine conflict
Stephen Schwarzman, chairman, Blackstone, along with 345 Park Avenue (Getty Images, Rudin Management/Illustration by Steven Dilakian for The Real Deal)
Blackstone again weighing Manhattan HQ move, expansion
Blackstone again weighing Manhattan HQ move, expansion
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...