Chinese Insurer Acquires Hotel Del Coronado As Part Of $6.5B Portfolio Deal
Beijing-based Anbang Insurance has acquired the historic Hotel del Coronado on North Island near San Diego, along with 15 other Strategic Hotels & Resorts properties from New York’s private equity firm Blackstone for $6.5B.
Anbang has been investing in luxury US hotel properties, since last year, when the insurer acquired the Waldorf Astoria in New York from Hilton Worldwide Holdings for $1.95B. The group has made an unsolicited offer for Starwood Hotels & Resorts.
The 16-hotel portfolio also included three other SoCal hotels, The Loews Santa Monica Beach, the Montage Laguna Beach and the Ritz-Carlton Laguna Niguel, according to the San Diego Union-Tribune.
Blackstone acquired Strategic Hotels, a Chicago-based REIT, in December 2015 for $3.93B, or about $6B with debt. The amount of debt included in the $6.5B deal with Anbang was not disclosed. [SDUT]
