Chinese insurer acquiring Santa Monica resort, Hotel del Coronado in $6.5-billion portfolio deal

The Loews Santa Monica Beach and the historic Hotel del Coronado near San Diego are being acquired by a Chinese insurance company as part of a $6.5-billion deal.

Blackstone Group, a New York private equity firm, has agreed to sell its Strategic Hotels & Resorts Inc., which owns 16 luxury properties, to Anbang Insurance Group, a person familiar with the transaction said Saturday.

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