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UK investor group makes move for Anbang’s luxury hotel portfolio

07/10/2019| 5:59:41 PM| 中文

Anbang bought the properties’ owner, Strategic Hotels & Resorts Inc., from Blackstone Group LP for about $6.5 billion in 2016.

Richard Faber, a former lieutenant to the UK’s billionaire Barclay twins, is fronting an investor group that’s competing for a luxury hotel portfolio owned by Anbang Insurance Group Co., people familiar with the matter said.

A consortium backed by the British investor’s Spartan Advisors Ltd. is among bidders that were shortlisted to make binding offers for the collection of 15 properties, according to the people. Spartan has been seeking financing from sovereign wealth funds and wealthy individuals to back the offer, one of the people said, asking not to be identified because the information is private.

Anbang bought the properties’ owner, Strategic Hotels & Resorts Inc., from Blackstone Group LP for about $6.5 billion in 2016. The deal was part of a buying binge that made Anbang synonymous with China’s unbridled appetite for international trophy assets. The spree ended when Chinese authorities seized control of Anbang and later sentenced chairman Wu Xiaohui to 18 years in prison.

The portfolio has also drawn interest from suitors including Brookfield Asset Management Inc., Bloomberg News reported in May. Hotels in the collection include the Westin St. Francis in San Francisco, the Loews Santa Monica Beach Hotel, the JW Marriott Essex House in New York, and the Four Seasons in Jackson Hole, Wyoming.

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TAGS: Anbang Insurance Group | Anbang | Spartan Advisors | acquisition
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