Chinese insurer acquires Southern California landmark

Chinese insurer acquires Southern California landmark

Chinese insurer acquires Southern California landmark Anbang Insurance Group has acquired the Hotel del Coronado and the Loews Santa Monica Beach as part of a $6.5-billion deal.

Hotel del Coronado, also known as “The Del,” is one of the last few remaining examples of the classic wooden Victorian beach resort. The hotel had been featured in various films and books, and it played host to presidents, celebrities, and royalty through the years. It was designated a National Historic Landmark in 1977 and a California Historical Landmark in 1970.

The Blackstone Group has agreed to sell its Strategic Hotels & Resorts Inc. to the Chinese insurer, according to a news feature by the Los Angeles Times, with reports from Bloomberg News. The New York-based private equity firm had just completed its acquisition of Strategic Hotels last December, in a sale valued at $6 billion with debt.
Strategic Hotels & Resorts Inc.—consisting of 16 luxury properties—includes the two aforementioned hotels, as well as the Southern California-based Montage Laguna Beach and the Ritz-Carlton Laguna Niguel. The portfolio also includes the Bay Area’s Ritz-Carlton Half Moon Bay, Four Seasons Hotel, and Westin St. Francis.

Previously, Anbang acquired last year the Waldorf Astoria in New York for $1.95 billion from Hilton Worldwide Holdings.

The anonymous person who revealed the luxury hotel deal to the Los Angeles Times March 12 could not immediately determine how much of the current Strategic Hotels deal value included debt.

Neither Blackstone nor Anbang have yet to offer commentary on the supposed deal, as of this writing.