The bids for Chicago-based Strategic Hotels had a spread of more than $1 billion and reached as high as $5.8 billion, according to Financial Times, which also identified South Korea’s Mirae Asset Management and GIC, Singapore’s sovereign wealth fund, as potential suitors.
The portfolio includes the JW Marriott Essex House on Central Park South in New York, the Intercontinental in Chicago, the Westin in San Francisco, several Ritz-Carlton properties and several Four Seasons hotels.
The sale would be Anbang’s most significant foreign deal since the Chinese government took over its operations. Anbang’s former chairman Wu Xiaohui was sentenced to 18 years in prison last year for fraud and embezzlement. [Financial Times] — John O’Brien