Chinese owner of Waldorf Astoria bets big on more U.S. hotels

After purchasing the Waldorf Astoria with $1.95 billion in 2014, the Chinese Anbang Insurance Group is making another bigger deal by acquiring Strategic Hotels and Resorts for $6.5 billion from the Blackstone Group, which bought Strategic Hotels just half year ago with $6 billion. Anbang Insurance will expand in high-end properties in the US through a real estate investment trust which owns and makes investment in Four Seasons hotels and resorts in the Silicon Valley area, Washington and Jackson Hole, Wyo, JW Marriott Essex House Hotel in Manhattan, etc. With weakening yuan and slowing economy in China, Anbang is interested in the stable investment returns from US real estate. It also acquired Fidelity & Guaranty Life Insurance Company in the US last year. New York Times has more.