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13

Blackstone’s Gray Confident Anbang Will Complete Hotel Deal

By Tony Seruga

Insurer under contract for $6.5 billion Strategic purchase
Anbang-led group withdrew from bidding war for Starwood Hotels

Anbang Insurance Group Co., the Chinese insurer that backed out of a takeover bid for Starwood Hotels & Resorts Worldwide Inc., is on track to complete its $6.5 billion purchase of another U.S. hotel company from Blackstone Group LP, said Jon Gray, Blackstone’s global head of real estate.

Anbang is under contract to buy Strategic Hotels & Resorts Inc., “and I am highly confident they will close on the transaction,” Gray said Wednesday at a conference sponsored by New York University’s Schack Institute of Real Estate. His comments were Blackstone’s first public acknowledgment of the deal for Strategic, the owner of luxury properties including Manhattan’s JW Marriott Essex House…

Blackstone’s Gray Confident Anbang Will Complete Hotel Deal

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