Ownership of Chinese insurer Ambang’s portfolio of flagship US hotels could soon be changing hands.
According to the Financial Times, the company has received numerous bids of up to $5.8 billion for its Strategic Hotels business.
According to people familiar with the matter, 17 potential buyers are in the running including private equity firm Blackstone, Brookfield, and Singapore’s sovereign wealth fun GIC.
Blackstone sold Strategic Hotels to Anbang in 2013 for $6.5 billion.
Anbang has since been placed under administrative control of the Chinese government after founder Wu Xiaohui was jailed for embezzlement.
The portfolio includes 15 top hotels across the US including several Ritz Carlton and Four Seasons Hotels, JW Marriott Essex House in New York, and Westin San Francisco.
A sale is expected to be announced by the summer.
Other prospective bidders include South Korea’s Mirae asset management and Softbank-owned Fortune.
