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China's Anbang to Acquire America's Strategic Hotels for $6.5 billion

(People's Daily Online)    22:33, March 13, 2016

Westin St. Francis on Union Square in San Francisco

China's Anbang Insurance Group has agreed to acquire America’s Strategic Hotels & Resorts Inc. for around $6.5 billion, according to Bloomberg on Saturday.

The deal comes just three months after Strategic Hotels' current owner, private equity firm Blackstone Group, took the company private for around $6 billion.

Strategic Hotels own 18 luxury hotels operated by top hospitality chains including the Four Seasons in Washington, D.C., the Westin St. Francis on Union Square in San Francisco, and the beach-front Ritz-Carlton Laguna Niguel in California.

Beijing-based Anbang has been investing in luxury U.S. hotel properties since 2012. It purchased New York's landmark Waldorf Astoria Hotel in February, 2015 for $1.95 billion, one of the highest prices per room ever paid for a U.S. hotel. 

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