Anbang Looking to Sell $5.5 Billion U.S. Luxury Hotel Portfolio

August 21st, 2018
Anbang Looking to Sell $5.5 Billion U.S. Luxury Hotel Portfolio
The days of Chinese conglomerates making enormous, high-profile tourism investments and acquisitions are clearly over, or at least on hiatus. It’s not just HNA that’s being forced to unload billions of investments and purchases. Anbang Insurance Group is following suit and has opted to put $5.5 billion worth of U.S. luxury hotels up for sale, sources familiar with the matter told The Wall Street Journal. These properties were purchased from Blackstone Group LP in 2016, and include properties like the InterContinental Hotels locations in Miami and Chicago; Essex House Hotel, which overlooks Central Park in Manhattan; and the Four Seasons in Jackson Hole, Wyoming. The portfolio includes properties bearing the InternContinental and Four Seasons’ brands, along with the famed Essex Hotel in Manhattan An Anbang spokesman dismissed the rumors as “pure market speculation.” This sale does not include the Waldorf Astoria, which Anbang purchased back in 2015 for just under ... read more
Source: on 2018-08-21By Jing Travel




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