Foreign Property News | Posted by Hnin Ei Khin
If Anbang completes a deal, it would represent the company’s most significant overseas sale since the Chinese government took control from its now-jailed founder and injected $9.7 billion into the financially troubled company earlier this year.
Anbang has already started selling holdings in China, but the insurer hasn’t made any recent, major sales of foreign assets, according to Dealogic.
A Las Vegas real estate developer and its partners have expressed interest in buying a 15-hotel portfolio from Beijing-based Anbang, The Post has learned.
The portfolio includes Manhattan’s Essex House — but Anbang, which owns a total of 18 US hotels, is being coy about whether the Central Park South property is to be sold, the developer said.
The developer, Charles Everhardt & Lockwood Development Partners — and its partners in the deal, a group of hotel franchisees — said Anbang, recently taken over by the Chinese government, is asking suitors to bid based on the rate of return on hotel income for an undetermined 15 hotels.
The difficulty for suitors is that the cap rate for the Essex House is higher than for some of the other properties, and it’s not clear which of the 18 will be included, Everhardt said.
Franchisees of Hilton, Marriott, Four Seasons and InterContinental are in the Everhardt bidding group, he said.
One of Anbang’s hotels, the world-famous Waldorf Astoria, is not among those being considered for sale.
Ref : Property Report
