Deals
Blackstone Said to Sell Hotels to Anbang for $6.5 Billion
- Deal comes three months after private equity firm's purchase
- Properties include Ritz-Carltons in California, Essex House
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Blackstone Group LP agreed to sell Strategic Hotels & Resorts Inc. to China’s Anbang Insurance Group Co. for about $6.5 billion, just three months after it purchased the U.S. luxury-resort company, according to people with knowledge of the matter.
The price is about $450 million more than Blackstone paid for Strategic in December. The New York-based private equity firm had been planning to sell individual properties in the portfolio before Anbang made a pre-emptive offer for the entire company, said the people, who asked not to be named because the transaction is private.