CHICAGO—Anbang Insurance Group Co. Ltd. is set to complete its $6.5-billion acquisition of Strategic Hotels & Resorts Inc. from The Blackstone Group, according to a report by Bloomberg News.
The REIT has ownership interests in 16 properties, including the JW Marriott Essex House, Fairmont Chicago and Intercontinental Miami. The insurer bought 15 of Strategic’s hotels, according to Bloomberg.
In 2015, affiliates of Blackstone Real Estate Partners VIII L.P., acquired Strategic Hotels & Resorts, Inc., with the total transaction value at approximately $6 billion.
Anbang is no stranger to snapping up hotels and appears to be staking its claim in the lodging landscape. In 2014, the Chinese insurer acquired the Waldorf Astoria New York for close to $2 million and, earlier this year, the company, as part of a consortium, backed out of an offer of approximately $14 billion to buy Starwood Hotels and Resorts.
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