China Life in­vests in Starwood ho­tels

China Daily (USA) - - NEWS CAPSULE -

Starwood Cap­i­tal Group sold a stake val­ued at about $2 bil­lion in US ho­tels to China Life In­surance Co, ex­tend­ing a streak of Chi­nese in­vest­ment in over­seas lodg­ing prop­er­ties and travel-re­lated busi­nesses.

China Life, the coun­try’s largest life-in­surance com­pany, will be the lead in­vestor in the prop­er­ties, with sovereign-wealth funds and oth­ers also own­ing a piece of the 280 se­lect-ser­vice ho­tels in 40 US states, Starwood said in a state­ment on Tues­day.

The whole port­fo­lio is val­ued at more than $3 bil­lion, ac­cord­ing to Starwood. The Green­wich, Con­necti­cut-based firm, which last year sold New York’s lux­ury Bac­carat ho­tel to an­other Chi­nese in­surer, will con­tinue to be the as­set man­ager.

Chi­nese in­vestors have been buy­ing ho­tel and travel busi­nesses around the world as out­bound tourism surges and China’s econ­omy and wealth ex­pands.

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