loader image

Anbang taps Bank of America to help with $5.5B hotel sale

From left: Westin Saint Francis Hotel in San Francisco and JW Marriott Essex House in New York (Credit: Ciao Bambino and Wikipedia)

Bank of America will help Anbang Insurance Group sell its $5.5 billion portfolio of luxury hotels in the U.S.

The Chinese company chose Bank of America to assist with the sale after looking for requests for proposals from multiple advisers, according to Bloomberg. The portfolio of hotels the financial giant will help sell includes San Francisco’s Westin St. Francis, Chicago’s Fairmont and New York’s Essex House Hotel.

Anbang had agreed to purchase the portfolio, known as Strategic Hotels & Resorts, in 2016 from Blackstone Group for about $6.5 billion but ultimately paid $5.5 billion.

Anbang’s former chairman Wu Xiaohui was sentenced to 18 years in prison in May on convictions of fraud and embezzlement. The hotel sale would be Anbang’s most significant foreign deal since the Chinese government took over its operations. [Bloomberg]  – Eddie Small

Recommend0 recommendationsPublished in Real Estate

Share this story with your network.

Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on print

Responses

Recent Stories

Del Marie: locked down, but not out

The rapper-dancer-performance poet rolls with the pandemic punches. 2020 started off so well. January and February were great months for 27-year-old rapper, dancer, and performance

Read More »

Speak with a local expert now.

Learn more about this recent happening by speaking with an agent.

X