Anbang Insurance Group Co. of China reportedly is looking to sell a 15-luxury hotel portfolio it bought for $5.5 billion from New York-based private equity firm Blackstone Group in 2016, which includes Loews Santa Monica Beach Hotel.
The eight-story, 347-unit, 553,000-square-foot structure at 1700 Ocean Ave. in Santa Monica, is owned by the insurer, which China’s government seized in February.
Wu Xiaohui, Anbang’s chairman, was arrested by Chinese authorities last year on suspicion of committing economic crimes. He was later sentenced to 18 years’ imprisonment for fraud and embezzlement.
The crackdown and sale also come as the Chinese government has restricted outflows of capital to other parts of the world.
Anbang’s other hotel assets include the Essex House Hotel in New York, the Four Seasons Hotel in Jackson Hole, Wyo., and the Fairmont Millennium Park Hotel in Chicago.
A telephone call to an Anbang representative was not immediately returned.
The Wall Street Journal first reported on Anbang’s willingness to sell its entire luxury hotel portfolio.
Real estate reporter Ciaran McEvoy can be reached at firstname.lastname@example.org or (323) 556-8337.
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