Articles tagged “anbang”

Anbang Sells Its U.S. Luxury Hotels to South Korea’s Mirae for $5.8 Billion

Anbang Sells Its U.S. Luxury Hotels to South Korea’s Mirae for $5.8 Billion

Patrick Clark and Gillian Tan, Bloomberg

Anbang bought the U.S. trophy hotels for $5.5 billion in 2016 and now offloads it to Mirae for a little more than $5.8 billion — seems a good price for the South Korean firm.

1 month ago

UK Investor Group Makes Move for Anbang’s Luxury Hotel Portfolio

UK Investor Group Makes Move for Anbang’s Luxury Hotel Portfolio

Manuel Baigorri, David Hellier, and Gillian Tan, Bloomberg

It looks like a bidding war is on for Anbang's luxury hotel portfolio. Investor Richard Faber has turned to sovereign wealth funds to outspend the other investment groups jockeying to win the deal.

3 months ago

Blackstone May Repurchase Anbang Hotel Properties

Blackstone May Repurchase Anbang Hotel Properties

Bloomberg

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.

4 months ago

Bidders Line Up to Buy Anbang Luxury Hotel Portfolio

Bidders Line Up to Buy Anbang Luxury Hotel Portfolio

Scott Deveau and Gillian Tan, Bloomberg

Anbang is edging closer to selling off its collection of luxury hotels. It's buying spree now seems like a distant memory.

5 months ago

Anbang Steps Up Attempt to Sell Luxury Hotels Portfolio

Anbang Steps Up Attempt to Sell Luxury Hotels Portfolio

Gillian Tan, Bloomberg

Like HNA, Anbang is busy trying to get rid of the assets it bought during its well-publicized acquisition spree. Finding a new home for the group of properties formerly known as Strategic Hotels, shouldn't be too difficult.

11 months ago

Anbang Spiffs Up Waldorf Astoria to Reopen It in 2021

Anbang Spiffs Up Waldorf Astoria to Reopen It in 2021

Patrick Clark, Bloomberg

As Anbang's financial struggles continue, its best bet remains getting the Waldorf Astoria modernized and open for business. As the renovations drag on, though, one has to wonder if Hilton will simply open a new property in New York City.

1 year ago

Anbang’s Multiple Hotel Investments Are Likely to Be for Sale

Anbang’s Multiple Hotel Investments Are Likely to Be for Sale

Vinicy Chan, Dinesh Nair, and Steven Yang , Bloomberg

Guess it's a good thing Anbang didn't win out over Marriott to acquire Starwood Hotels and Resorts after all.

2 years ago

China’s Biggest Hospitality Dealmakers May Be Sidelined for Good

China’s Biggest Hospitality Dealmakers May Be Sidelined for Good

Daniel Meesak, Jing Travel

Just two years ago, insurance company Anbang surprised the world with its bid to buy Starwood. Now it and other Chinese companies that went on global shopping sprees are stuck with an impossible bill — and a government that doesn't approve of the purchases.

2 years ago

China’s Super Aggressive Sunac Picking Up Troubled Travel Assets

China’s Super Aggressive Sunac Picking Up Troubled Travel Assets

Daniel Meesak, Jing Travel

Sunac's valuation is skyrocketing as it buys up other companies' assets to fuel its own growth. But will its strategy backfire as debt mounts? And what does all the turnover mean for the travel industry in China?

2 years ago

Waldorf Astoria Hotel Will Get Fewer Condos Than Anbang Originally Planned

Waldorf Astoria Hotel Will Get Fewer Condos Than Anbang Originally Planned

Patrick Clark, Bloomberg

Given Anbang's current financial woes and an influx of luxury condos flooding the New York City market, it's probably a good idea to go with fewer condos and more hotel rooms in Anbang's makeover of the iconic Waldorf Astoria.

2 years ago

Blackstone Worries New Law Could End Sale of Hotel Stakes to Chinese Investors

Blackstone Worries New Law Could End Sale of Hotel Stakes to Chinese Investors

Melissa Mittelman, Bloomberg

While Chinese investment money has been drying up because of Chinese government policies, there has been scant attention paid on the flip side to the U.S. Congress trying to increase regulatory scrutiny over foreign investment. The double-edged sword doesn't bode well for U.S. companies looking for Chinese and other foreign buyers.

2 years ago

Hilton Claims Anbang Financial Woes Won’t Impact Management of Waldorf Astoria

Hilton Claims Anbang Financial Woes Won’t Impact Management of Waldorf Astoria

David M. Levitt and Patrick Clark, Bloomberg

While Hilton has emphasized that Anbang's financial woes won't impact its long-term management contract at the original Waldorf Astoria hotel in New York, we can only imagine the sighs of relief Starwood employees must be issuing, knowing Anbang could have been their new owner instead of Marriott.

2 years ago