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Anbang completes most of Strategic Hotels acquisition

AnbangInsurance Group Co. completed its of 15 of the 16 properties inthe Strategic Hotels portfolio from Blackstone Group LP, but the sale of the last propertyremains under U.S. government review, Bloomberg News reported.

The $6.5 billion transaction is the second-largest U.S. acquisition by aChinese buyer, behind Shuanghui International Holdings Ltd.'s $7 billionpurchase of Smithfield Foods Inc. in 2013, the outlet said. It followedAnbang's purchase ofthe Waldorf Astoria New York hotel in 2015, and its ultimately bidding with overStarwood Hotels & Resorts Worldwide Inc.

The Strategic portfolio, whichBlackstone acquired when it took Strategic Hotels & Resorts Inc. for roughly $6 billion in late2015, includes the JW Marriott Essex House in New York, the Ritz-Carlton LagunaNiguel in Dana Point, Calif., and the Four Seasons Hotel in Washington, D.C.,among other luxury properties.

The U.S. Committee on Foreign Investment is still reviewingthe purchase of the Hotel del Coronado near San Diego, which is close to anaval base, Bloomberg reported, citing unnamed sources.