MIPIM 2016: Blackstone is to sell a US hotels business to Chinese insurer Anbang for $6.5bn (4.5bn).
According to reports, the private equity firm is flipping Strategic Hotels & Resorts three months after its take private at a $450m profit. The company owns 16 luxury hotels across the US.
Blackstone has initially planned to break up the portfolio prior to Anbang’s approach.
Blackstone and Anbang have transacted together previously – last year Anbang bought the Waldorf Astoria in New York from Blackstone for $1.95bn.