Anbang’s bid for landmark California hotel blocked over security fears
Friday, 24 Oct, 2016
0
When Chinese firm Anbang Insurance Group completed a deal to purchase Strategic Hotels & Resorts’ portfolio for $6.5 billion last month, there was one glaring omission.
It turns out only 15 of the 16 hotels in Strategic’s portfolio changed hands in the deal.
The sale of the 16th – the Hotel del Coronado near San Diego – was blocked by US officials on grounds of a potential national security risk, according to people familiar with the matter.
The Hotel del Coronado is one of the most valuable properties in the portfolio, with an estimated market value of up to $1 billion.
Bloomberg reported concerns were raised by the US Committee on Foreign Investment due to the hotel’s location on a peninsula that houses the US Naval Base Coronado.
The peninsular is also a training facility for Navy SEALs.
Anbang also purchased New York’s Waldorf Astoria for $1.95 billion in a deal that was eventually cleared by Committee on Foreign Investment.
However security fears over that deal persisted as the landmark hotel was then used by the US delegation for UN meetings in New York.
US diplomats including President Obama ultimately ended a decades-long association with the Waldorf Astoria due to the perceived risk of cyber-espionage.
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Clearing CSS/JS assets' cache... Please wait until this notice disappears...
Updating... Please wait...
Airlines suspend Madagascar services following unrest and army revolt
Airbnb eyes a loyalty program but details remain under wraps
Qatar Airways offers flexible payment options for European travellers
Air Mauritius reduces frequencies to Europe and Asia for the holiday season
Major rail disruptions around and in Berlin until early 2026