LOS ANGELES (AP) - Blackstone Group has agreed to sell Strategic Hotels & Resorts Inc. to a Chinese firm for $6.5 billion, according to a person familiar with the deal.
LOS ANGELES (AP) — Blackstone Group has agreed to sell Strategic Hotels & Resorts Inc. to a Chinese firm for $6.5 billion, according to a person familiar with the deal.
The agreement with China's Anbang Insurance Group comes about three months since the private equity firm completed its acquisition of the luxury hotel operator.
The person, who spoke on condition of anonymity Saturday because they were not authorized to speak publicly about the deal, could not immediately say how much of the $6.5 billion deal value includes debt.
Blackstone completed its acquisition of Strategic Hotels in December. That deal was valued at $3.93 billion, or about $6 billion, including debt.
A spokeswoman for Blackstone declined to comment Saturday. An email to a media representative at Anbang was not immediately returned.
Beijing-based Anbang has been investing in luxury U.S. hotel properties, including its acquisition of the Waldorf Astoria in New York last year for $1.95 billion.
Buying Strategic Hotels gives Anbang a host of high-end hotels and resorts in a single move.
Strategic Hotels' portfolio is comprised of 16 properties with 7,532 rooms as well as meeting and banquet space. Among the properties are Ritz-Carlton locations in California, the Fairmont Scottsdale in Arizona, and the Four Seasons Resort in Jackson Hole, Wyoming.