Tags: china | waldorf | astoria. new | york | city

Chinese Owner of Waldorf Astoria Buying More High-End Hotels

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By    |   Sunday, 13 Mar 2016 07:20 PM

Anbang Insurance Group, which owns New York's Waldorf Astoria, is putting more money into high-end American hotels, The New York Times reports. 

Anbang, based in China, bought the Waldorf for $1.95 billion in 2014, and has now struck a deal with Blackstone Group to buy Strategic Hotels & Resorts Inc. for $6.5 billion, Bloomberg Business reports. That about $450 million more than Blackstone bought it for in December.

With China's currency weakening and the country seeing slow growth in the business sector, Anbang has been investing in high-end real estate inside the United States.

Strategic's 16 American properties include the Four Seasons resorts in Scottsdale, Arizona, and Jackson Hole, Wyoming; Ritz-Carltons in Half Moon Bay and Laguna Niguel, California; Hotel del Coronado in San Diego; and JW Marriott Essex House in Manhattan, according to Bloomberg.

"U.S. trophy assets continue to be in high demand by offshore investors, both Asian and Middle Eastern, Gilda Perez-Alvarado of Jones Lang LaSalle Inc. told Bloomberg. "This is being driven by global market volatility, the continued strength of the U.S. dollar and increased allocations for commercial real estate in an effort to diversify investment portfolios."

Anbang also has been expanding its insurance business, purchasing Fidelity & Guaranty Life Insurance Company in the United States last year. It has assets of about 1.65 trillion renminbi and 30,000 employees, the Times reports.

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Anbang Insurance Group, which owns New York's Waldorf Astoria, is putting more money into high-end American hotels, The New York Times reports. Anbang, based in China, bought the Waldorf for $1.95 billion in 2014, and has now struck a deal with Blackstone Group to buy...
china, waldorf, astoria. new, york, city
247
2016-20-13
Sunday, 13 Mar 2016 07:20 PM
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