Blackstone Reportedly To Sell Strategic Hotels To Anbang For $6.5 Bln

(RTTNews) - Blackstone Group LP (BX) 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, Bloomberg reported citing people familiar with 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, the report said.

Strategic owns 16 properties across the U.S., including the Four Seasons resorts in Scottsdale, Arizona, and Jackson Hole, Wyoming; Ritz-Carltons in Half Moon Bay and Laguna Niguel, California; San Diego's Hotel del Coronado; and Manhattan's JW Marriott Essex House.