• US Blackstone to sell luxury hotels

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    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.

    Chicago-based real estate investment trust Strategic Hotels & Resorts owns 16 luxury hotels with a total of nearly 7,500 rooms. Some of its hotels are managed by Fairmont, Ritz-Carlton and other chains.

    Anbang, which once specialized in car insurance, stormed onto the international property market by acquiring New York’s Waldorf Astoria Hotel for nearly $2 billion a year ago.

    The Chinese group bought the luxury hotel from Hilton Worldwide Holdings, of which Blackstone is the largest shareholder.

    AFP

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