China Life invests in 2-billion-dollar Starwood hotels
Starwood sold a stake in about USD 2 billion of U.S. hotels to a group led by China Life Insurance.
Starwood Capital Group sold a stake in about USD 2 billion of U.S. hotels to a group led by China Life Insurance, extending a streak of Chinese investment in overseas lodging properties and travel-related businesses.
China Life, the country’s largest life-insurance company, will be the lead investor in the properties, with sovereign-wealth funds and others also owning a piece of the 280 limited-service hotels in 40 states.
Chinese investors have been buying hotel and travel businesses around the world as outbound travel surges and China’s economy and wealth expand. Anbang Insurance last month acquired 15 luxury hotels around the U.S., as part of a USD 6.5 billion purchase from Blackstone Group.
China’s HNA Group, owner of Hainan Airlines, earlier this month said it will acquire a group of golf-course properties from a company founded by former Microsoft Corp. executive Scott Oki for USD 137 million.
Jin Jiang International is the biggest shareholder in Paris-based hotel company Accor SA, the largest operator of European hotels.
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