Anbang Insurance Group has hired Bank of America to help sell a portfolio of U.S. luxury hotels formerly known as Strategic Hotels & Resorts as it continues to reverse a global buying spree that raised the ire of Beijing, according to people familiar with the matter.
Anbang selected Bank of America to run the sale after seeking requests for proposals from an array of potential advisers, said the people, who asked not to be identified because the information isn’t public. The portfolio includes the Westin St. Francis in San Francisco, the Loews Santa Monica Beach Hotel, the Fairmont in Chicago and Essex House Hotel in New York.
“Anbang is reviewing its U.S. real estate portfolio after seeing a price recovery in local property assets,” an Anbang spokesman said by phone, declining to comment on any bank mandates. A Bank of America spokesman declined to comment.
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