Blackstone selling Strategic Hotels to Anbang for $6.5B
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 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.