An­bang to com­plete most of US ho­tels deal

China Daily (USA) - - BUSI­NESS -

An­bang Insurance Group Co com­pleted most of its $6.5 bil­lion ac­qui­si­tion of Strate­gic Ho­tels & Re­sorts Inc, help­ing bol­ster the Chi­nese com­pany’s cred­i­bil­ity as a global buyer af­ter its abrupt with­drawal from the bid­ding war for Star­wood Ho­tels & Re­sorts World­wide Inc ear­lier this year. The in­surer bought 15 of Strate­gic’s 16 prop­er­ties, ac­cord­ing to peo­ple with knowl­edge of the deal. It’s the sec­ond-largest US ac­qui­si­tion by a Chi­nese buyer, af­ter the $7 bil­lion sale of Smith­field Foods Inc to Shuanghui In­ter­na­tional Hold­ings Ltd.

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