SEATTLE: Blackstone Group LP agreed to sell Strategic Hotels & Resorts Inc to China's Anbang Insurance Group Co for about US$6.5mil, just three months after it purchased the US luxury-resort company, according to people with knowledge of the matter.
The price is about US$450mil 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.
Already a subscriber? Log in
Get 20% OFF The Star Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
