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As reported by Bloomberg, Blackstone Group LP agreed to sell Strategic Hotels & Resorts Inc. to China’s Anbang Insurance Group Co. for about $6.5 billion, just three months after it purchased the U.S. luxury-resort company, according to people with knowledge of the matter.

The price is about $450 million more than Blackstone paid for Strategic in December. The New York-based private equity firm had been planning to sell individual properties in the portfolio before Anbang made a pre-emptive offer for the entire company, said the people, who asked not to be named because the transaction is private.

To read the complete story please visit: http://www.bloomberg.com/news/articles/2016-03-12/blackstone-said-selling-strategic-hotels-to-anbang-for-6-5-bln

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