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Chinese company aims to sell 3 US resorts for $1.3 billion

09/28/2022| 3:57:56 PM|

Dajia Insurance is trying to capitalize on a surge in travel.

A Chinese company is looking to sell three major U.S. resort hotels at a combined price tag of $1.3 billion, seeking to cash out these holdings during a powerful surge in leisure travel and resort business.

Dajia Insurance Group Co. is putting up for sale the Montage in Laguna Beach, California, the Four Seasons resort in Jackson Hole, Wyoming, and the Four Seasons in Scottsdale, Arizona, according to people familiar with the matter. BofA Securities Inc. and real estate banking and brokerage firm Eastdil Secured LLC are marketing the hotels on behalf of the seller, these people said.

The three properties are part of Dajia’s Strategic Hotels & Resorts portfolio, a group of 15 luxury U.S. resorts and hotels that also includes urban properties such as the JW Essex House hotel overlooking Manhattan’s Central Park and the InterContinental Hotels in Chicago and Miami.

The Chinese company, which took control over most of the operations of China’s Anbang Insurance Group Co., had agreed in 2019 to sell the entire Strategic portfolio to South Korea’s Mirae Asset Financial Group for $5.8 billion. However, that deal unraveled when the pandemic caused travel to dry up and hotel revenue to plunge.

Now, Dajia is back in the market with the three hotels, which represent some premier resorts in their cities at a time when leisure travel has been booming.

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TAGS: Dajia Insurance | leisure travel
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