Blackstone to sell hotel portfolio for $6.5B

Blackstone Group has agreed to sell Strategic Hotels & Resorts to a Chinese firm for $6.5 billion.

China's Anbang Insurance Group's agreement with Blackstone comes three months after the latter closed on the acquisition of the hotel company for $3.9 billion, or about $6 billion including debt.

Last year, Beijing-based Anbang bought Waldorf Astoria in New York for $1.95 billion.

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