What are hotel portfolios to the Blackstone Group if not mere commodities to be bought, sold, and reacquired. The real estate giant has done this several times before, and may do it again with the Anbang portfolio unless another bidder prevails.
About half a dozen investor groups, including Blackstone Group LP, Brookfield Asset Management and Mirae Asset Management, are bidding for a luxury hotel portfolio owned by Anbang Insurance Group Co., the Wall Street Journal reported, citing unidentified people familiar with the matter.
Bids range from about $5.5 billion to $5.8 billion, the WSJ reported, citing the people. The number of bidders is down from almost 20 groups that expressed interest in the portfolio, the report said.
China’s Anbang is looking to sell a collection of hotels that it bought for $5.5 billion about three years ago from Blackstone. An Anbang representative declined to comment, the WSJ said. The hotels include Essex House Hotel overlooking Central Park in New York, the Four Seasons Hotel in Jackson Hole, Wyoming, and the Fairmont in Chicago, the report said.
©2019 Bloomberg L.P.
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Photo Credit: Anbang is analyzing bids for its hotel portfolio. Bloomberg
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