Anbang to buy 16 hotels, four in SoCal, from Blackstone for $6.5B

Los Angeles /
Mar.March 14, 2016 10:00 AM

From the New York site: 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. The portfolio includes four Southern California properties: the Hotel del Coronado near San Diego, the Ritz-Carlton Laguna Niguel, the Montage Laguna Beach and the Loews Santa Monica Beach.

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
Burbank Studios with Blackstone's Nadeem Meghji and Jeffrey Worthe (Google Maps)
Blackstone partners with Worthe Real Estate on 500K sf office tower
Blackstone partners with Worthe Real Estate on 500K sf office tower
Jeffrey Worther and Blackstone’s Jonathan Gray with (clockwise from top left) Media Studios, The Point, 3800 Alameda and Central Park (Getty)
Here’s what tenants pay in Blackstone and Worthe’s Burbank office portfolio
Here’s what tenants pay in Blackstone and Worthe’s Burbank office portfolio
Victor Coleman and a rendering of the project (Credit: Gensler via Urbanize)
Hudson Pacific wins key approval for 500K sf Hollywood studio expansion
Hudson Pacific wins key approval for 500K sf Hollywood studio expansion
Blackstone CEO Stephen Schwarzman, and the building (Credit: Google Maps)
Blackstone pays $62M for Southeast LA warehouse
Blackstone pays $62M for Southeast LA warehouse
The Tower at Burbank at 3900 West Alameda Avenue with Jeffrey Worthe and Blackstone Group President Jonathan Gray (Getty, Google Maps)
Here’s what tenants pay at Blackstone and Worthe’s Tower at Burbank
Here’s what tenants pay at Blackstone and Worthe’s Tower at Burbank
Blackstone’s Jon Gray and 1777 Center Court Drive in Cerritos (Getty, Google Maps)
Blackstone sells Cerritos office building for $44M
Blackstone sells Cerritos office building for $44M
The sale of the Ace Hotel was the biggest L.A. County hotel buy in 2019 (Credit: Google Maps)
Here are the biggest LA hotel sales of 2019
Here are the biggest LA hotel sales of 2019
Blackstone CEO Stephen Schwarzman and TruAmerica CEO Robert Hart
Blackstone digs deeper into SoCal with massive rental portfolio buy
Blackstone digs deeper into SoCal with massive rental portfolio buy
arrow_forward_ios

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

Loading...