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Chinese Insurer Grabs $2B Stake In Starwood Hotel Portfolio
Chinese investment in overseas hotels and lodging businesses continues with Beijing-based China Life Insurance's recent $2B stake in Starwood Capital Group.
China’s largest life insurance company was the lead of several investors including sovereign-wealth funds and others who are buying into the Starwood portfolio valued at more than $3B, Bloomberg reports. The portfolio covers 280 select-service hotels spread across 40 states.
“With this select-service hotel portfolio, China Life has an efficient vehicle for investing in the United States economy,” says Starwood CEO Barry Sternlicht. Perhaps the investment will do something to turn around the Chinese insurer's stock, which has fallen 20% this year. [Bloomberg]
