Keyword: Strategic Hotels & Resorts
The Chinese government has seized control of Anbang Insurance Group, which owns the New York hotel and 16 Strategic Hotels & Resorts properties.
Blackstone Group has reportedly begun talks to repurchase New York's Waldorf Astoria and 16 former Strategic Hotels & Resorts properties.
Anbang acquired the three hotels in question in 2016 after buying Strategic Hotels & Resorts from Blackstone Group.
Slower growth and the looming end of the current lodging cycle are leading to increasing selectivity from lenders.
China hit a record $33-billion in overseas commercial and residential property investment in 2016, an increase of nearly 53 percent year-on-year.
Blackstone Group has called off the sale of San Diego's Hotel del Coronado to Anbang Insurance Group, part of the $6.5-bln Strategic Hotels & Resorts deal.
Almost all of the $6.5-billion purchase has been finalized, but one property is still in limbo.
After acquiring $13.5 billion in overseas businesses over the past two years, the Chinese insurance giant is slowing down.
China continues to buy up U.S. companies and real estate. Is that cause for concern?
After purchasing the Waldorf Astoria in 2014, China's Anbang Insurance Group Compnay is set to acquire Strategic Hotels & Resorts for $6.5 billion from Blackstone.