Security Concerns End Blackstone's Sale Of $1B Hotel To China’s Anbang
Blackstone agreed to sell the Hotel del Coronado near San Diego to China’s Anbang Insurance back in March, but opposition from US national security officials has prompted Blackstone to call off the deal.
The Committee on Foreign Investment in the US, which dissects the purchase of American properties by non-domestic entities, had some concerns about the sale because the hotel is on the same peninsula as the Naval Base Coronado, one of the main Navy SEALs training grounds, Bloomberg reports.
The hotel is estimated to be worth $1B and is one of the most valuable properties Blackstone received from its $6B purchase of Strategic Hotels & Resorts. The deal’s termination delays Blackstone's ability to cash out of its Strategic purchase at a profit. [Bloomberg]