Blackstone Flipping Strategic Hotels & Resorts In $6.5B Deal
Blackstone Group, which bought Strategic Hotels & Resorts last September in a $6B deal, is selling the company faster than butter melts on a baked potato. Chinese firm Anbang Insurance Group is plunking down $6.5B for the luxury hotel firm.
Blackstone hadn't planned to hold on to Strategic for long, anyway. The company was already considering selling off some of Strategic's assets individually before Anbang swept in with its offer, according to Crain's. It continues a trend of Chinese firms placing skin in American real estate. Anbang has focused on hotel properties of late. Last year, the company bought New York's Waldorf Astoria for nearly $2B.