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Other potential buyers include Blackstone Group, South Korea’s Mirae Asset Management, Brookfield Asset Management Inc and Fortress Investment Group.
Singapore sovereign wealth fund GIC was among the entities that made bids for Anbang Insurance Group’s portfolio of 15 hotels, reported Financial Times.
Other potential buyers that reached the final round included Blackstone Group, South Korea’s Mirae Asset Management, Brookfield Asset Management Inc and Fortress Investment Group, which is owned by Japan’s Softbank Group.
Under temporary control of Chinese government regulators, Anbang received bids as high as US$5.8 billion (S$8 billion) for the hotels.
The insurance company tapped Bank of America to sell the hotels, which include the Loews Santa Monica Beach Hotel, Westin St Francis in San Francisco, the JW Marriott Essex House in New York, the Four Seasons in Jackson Hole, Wyoming and the Fairmont in Chicago.
In 2016, Anbang initially agreed to purchase Strategic Hotels from Blackstone for around US$6.5 billion (S$8.9 billion).
It ended up paying around US$5.5 billion (S$7.5 billion), after the sale of the Hotel del Coronado was opposed by US national security officials based on concerns relevant to its proximity to a US Naval base.
Bloomberg reported that Anbang has been accelerating efforts to deleverage and sell assets, including offloading Belgian insurer Fidea and China’s Hexie Health Insurance Co.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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