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Blackstone ends landmark hotel sale to Anbang

10/24/2016| 3:50:40 PM| 中文

San Diego’s Hotel del Coronado was part of Strategic purchase in which the Chinese insurer already bought 15 of 16 hotels in USD 6.5 billion deal.

A deal by China’s Anbang Insurance Group to purchase a landmark Southern California hotel near a major naval base from Blackstone Group was called off following opposition from U.S. national-security officials, according to a Bloomberg report.

Blackstone ended the sale of the Hotel del Coronado near San Diego, estimated to be worth about USD 1 billion, after concerns were raised by the Committee on Foreign Investment in the United States (CFIUS). The interagency body, led by the Treasury Department, reviews acquisitions of American businesses by non-U.S. entities for national-security risks.

The hotel is one of the most valuable of the 16 luxury properties that were part of Strategic Hotels & Resorts, a real estate investment trust that Blackstone acquired last December for about USD 6 billion. 

The firm agreed in March to sell Strategic to Anbang for USD 6.5 billion, and the Beijing-based company completed the purchase of 15 hotels last month.

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TAGS: Blackstone | Anbang |
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