Anbang seeks exit from US luxury hotel chainNovember 23 2018 by InsuranceAsia News Staff
Anbang has appointed Bank of America to help sell Strategic Hotels & Resorts, a portfolio of luxury hotels in the US.
The Chinese insurer has chosen the American firm to assist with the sale after examining requests for proposals from multiple advisers, according to Bloomberg. The portfolio of hotels includes Chicago’s Fairmont, New York’s Essex House Hotel and San Francisco’s Westin St Francis.
Anbang bought Strategic Hotels & Resorts in 2016 from private equity house Blackstone for around US$5.5 billion.
The insurer, owned by the Chinese government since earlier this year, has been trying to offload assets to repay debt and restructure the business. If the deal goes ahead it would be the largest sale since the government took control.
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