Chinese investors are buying top international hotel resorts. Beijing based insurer Anbang has acquired a large portfolio of first class hotels on the US west coast from Blackstone Group, as part of a $6.5-billion deal.
The LA Times reports that the sale of the Strategic Hotels & Resorts Inc., which owns 16 luxury properties, includes top hotels like the Santa Monica hotel. Also included are the famed Coronado hotel, the Montage Laguna Beach and the Ritz-Carlton Laguna Niguel, the Ritz-Carlton Half Moon Bay, the Four Seasons Hotel in East Palo Alto and the Westin St. Francis in San Francisco. The portfolio's 16 properties include 7,532 rooms.
In 2014, Anbang bought other luxury hotel properties, including the Waldorf Astoria in New York for $1.95 billion. Anbang also owns Fairmont Scottsdale in Arizona and the Four Seasons Resort in Jackson Hole, Wyo. Anbang has been active with its money in other industries in the United States, snapping up Fidelity & Guaranty Life Insurance Company late last year.
The New York Times reports that this Chinese insurance company has grown quickly in recent years. Anbang has assets worth 1.65 trillion renminbi and has about 30,000 employees.
Further reading on latimes.com and nytimes.com
Image by Ritz-Carlton Hotels