Deja Vu: Blackstone Sells Strategic Hotels To Anbang For $6.5B
In a reprise of last year's Waldorf Astoria sale, Blackstone just sold Strategic Hotels & Resorts to Chinese Anbang in a $6.5B blockbuster deal—netting Blackstone $450M just three months after it bought the portfolio.
The private equity giant initially planned to sell off each asset of the 16-property portfolio separately, before Anbang—once again—swept in with a deal too good to refuse, Bloomberg reports.
Anbang’s $6.5B offer for the entire portfolio is the largest US real estate purchase by a buyer from mainland China. Even though the US lodging industry faces the late stages of a six-year recovery, US trophy assets remain in high demand among foreign investors. [Bloomberg]