Blackstone Group Rumored to be Selling Strategic Hotel & Resorts Portfolio to China’s Anbang for $6.5 billion

March 14, 2016

As reported by Bloomberg, Blackstone Group LP 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, according to people with knowledge of 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, said the people, who asked not to be named because the transaction is private. To read the complete story please v...