A Chinese insurance company will acquire the Loews Santa Monica Beach Hotel and the Hotel del Coronado near San Diego as part of a $6.5 billion deal, the Associated Press reports. The properties will be sold to Beijing’s Anbang Insurance Group, which acquired the Waldorf Astoria in New York for nearly $2 billion from Hilton Worldwide Holdings last year.

For reprint and licensing requests for this article, CLICK HERE.