Chinese billionaire Cai Kui is said to be in talks to purchase up to $800 million worth of hotels –about seven or eight– from MassMutual.
The properties are boutique hotels and resorts, and unnamed sources say the billionaire’s firm, Junson Capital, is in final talks over the deal, according to Bloomberg. An official announcement is estimated to be made in a few weeks, according to the source.
It wouldn’t be the first time Junson bought up hotels; in 2016, the firm made waves signing a deal for London’s Docklands’ DoubleTree by Hilton Hotel — the first major hotel deal after Brexit.
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According to Bloomberg, the looming deal suggests the Chinese government’s capital controls may not be hampering all Chinese investors, particularly those with offshore funds. In the past year, $11.7 billion worth of hotel acquisitions led by Asian firms have occurred based on Bloomberg’s data.[Bloomberg] — Erin Hudson