China Life Insurance takes stake in Starwood Capital Group
Monday, 20 Oct, 2016
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A group of investors fronted by China Life Insurance Co. Ltd will invest $2 billion in Starwood Capital Group’s US hotel portfolio.
For the stake China Life along with a group of sovereign-wealth funds will take a share of 280 select-service hotels.
The portfolio includes properties in 40 US states.
"With this select-service hotel portfolio, China Life has an efficient vehicle for investing in the United States economy," Starwood Capital Group CEO Barry Sternlich said.
"We look forward to working with China Life on additional opportunities across a wide range of real estate asset classes in the years to come."
China Life is majority owned by the Chinese state and follows ambitious moves into the US lodging industry by fellow insurer Anbang Insurance Group.
In early 2015 Ambang bought the landmark Waldorf Astoria New York for $1.95 billion and this year competed with Marriott International for control of Starwood Hotels & Resorts.
Ambang ultimately withdrew its offer for Starwood but recently completed a $6.5 billion acquisition of Strategic Hotels & Resorts from the Blackstone Group.
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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.
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