WASHINGTON, D.C.: US investment company Blackstone Group is close to selling a portfolio of American luxury hotels to China’s Anbang Insurance Group, news reports said on Sunday (Monday in Manila).

Blackstone’s deal to sell its stake in Strategic Hotels & Resorts would amount to $6.5 billion, USA Today reported, adding that the investment firm agreed to buy the hotel owner for nearly $4 billion, including debt, only in December.

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