March 13, 2016 Comments Off on Blackstone, Anbang Strike $6.5B Deal for Strategic Hotels Views: 1473 California News, National News, New York News, Northeast, West

Blackstone, Anbang Strike $6.5B Deal for Strategic Hotels

New York City-based Blackstone Group LP and Anbang Insurance Group Co. of China have reached an agreement for the sale of Strategic Hotels & Resorts Inc. Anbang will acquire Strategic Hotels’ portfolio (which includes Ritz-Carltons in California and Essex House in New York) for approximately $6.5 million.

The price is $450 million more than what Blackstone paid for Strategic in December. Blackstone had planned to sell individual properties from the portfolio, before Anbang reportedly made a pre-emptive offer for the entire company.

According to Bloomberg Business, this transaction ranks as the largest U.S. real estate purchase by a mainland Chinese buyer.

Read More at Bloomberg Business

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