China’s Anbang to acquire Strategic Hotels for $6.5 billion

China’s Anbang Insurance Group has agreed to acquire Strategic Hotels & Resorts Inc. for around $6.5 billion, as the owner of New York’s iconic Waldorf Astoria expands its U.S. hotel portfolio, a person briefed on the matter said Saturday. The deal, which illustrates corporate China’s unquenched thirst for U.S real estate, comes just three months after Strategic Hotels’ current owner, private equity firm Blackstone Group LP, took the company private for around $6 billion.

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