Mainland insurance firm Anbang has agreed to purchase US luxury hotel owner Strategic Hotels & Resorts from private equity group Blackstone for US$6.5 billion, The Financial Times reported, an unnamed source. Anbang bought the famous Waldorf Astoria from Blackstone for nearly US$2 billion in late 2014. The latest deal with the well-connected Anbang – founded by Wu Xaiohui, an ex-official and grandson-in-law of Deng Xiaoping – comes just months after Blackstone closed a deal to acquire Strategic Hotels & Resorts for US$6 billion in December of last year. Blackstone declined to comment on the new deal, while Anbang could not be reached for comment.
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