Anbang looking to unload luxury hotel portfolio

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The JW Marriott Essex House.
The JW Marriott Essex House. Photo Credit: Willem van Bergen/Flickr.com

Embattled Chinese conglomerate Anbang Insurance Group is said to be seeking a buyer for a portfolio of roughly 15 U.S. luxury hotels, reports the Wall Street Journal.

Anbang acquired the hotels from private equity firm Blackstone Group for around $6.5 billion in 2016. They include the JW Marriott Essex House in New York; Four Seasons Hotel in Jackson Hole, Wyo.; and InterContinental Hotels in Chicago and Miami, among others. 

Anbang also owns New York's landmark Waldorf Astoria hotel, which the group acquired -- in a deal that's widely considered the highest-ever single-asset hotel transaction -- for $1.95 billion in 2016. The Waldorf Astoria is currently closed and undergoing a major renovation effort, expected to be complete by 2021.

Earlier this year, Anbang made headlines when the Chinese government said it would be taking control of the company, after alleging that Anbang's former chairman, Wu Xiaohui, committed "economic crimes." Wu was reportedly sentenced to 18 years in prison in May.

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