March 15, 2016
The historic Hotel del Coronado is being acquired by a Chinese insurance company as part of a $6.5-billion deal reportedly in the works. Beijing-based Anbang Insurance Group reached an agreement with New York-based Blackstone Group for a portfolio of 16 luxury properties held by Strategic Hotels & Resorts Inc.
Hotel del Coronado is a 28-acre property built in 1888, and was designated a National Historic Landmark in 1977. The nearly 700-room, 11-restaurant property is a popular venue for celebrities, Presidents, and other high-profile guests on Coronado Island.
In addition to the famed Coronado hotel, the portfolio includes the Loews Santa Monica Beach hotel, the Montage Laguna Beach, and the Ritz-Carlton Laguna Niguel. Other California properties include the Ritz-Carlton Half Moon Bay, the Four Seasons Hotel in East Palo Alto, and the Westin St. Francis in San Francisco.