Anbang Said to Complete Most of $6.5 Billion U.S. Hotels Deal
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Takeover helps bolster Anbang’s dealmaking credibility
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Deal includes Essex House in New York, Four Seasons in D.C.
Anbang Insurance Group Co. completed most of its $6.5 billion acquisition of Strategic Hotels & Resorts Inc., helping to bolster the Chinese company’s credibility as a global buyer after its abrupt withdrawal from the bidding war for Starwood Hotels & Resorts Worldwide Inc. earlier this year.
The insurer bought 15 of Strategic’s 16 properties, according to people with knowledge of the deal. It’s the second-largest U.S. acquisition by a Chinese buyer, after the $7 billion sale of Smithfield Foods Inc. to Shuanghui International Holdings Ltd. — now known as WH Group Ltd. — in 2013, according to data compiled by Bloomberg and New York-based research firm Rhodium Group. Beijing-based Anbang bought Strategic from Blackstone Group LP, which had taken the company private last December for about $6 billion…
Anbang Said to Complete Most of $6.5 Billion U.S. Hotels Deal
