Blackstone Group, a New York private equity firm, has agreed to sell its 16 luxury properties, including the iconic Hotel de Coronado to Chinese-based Anbang Insurance Group. A San Diego icon is being sold as part of $6.5 billion deal. The 16 luxury portfolio includes properties in California, such as the Loews Santa Monica Beach, the Montage Laguna Beach, the Ritz-Carlton Laguna Niguel, the Ritz-Carlton Half Moon Bay, the Four Seasons Hotel in East Palo Alto, and the Westin St. Francis in San Francisco.
Opened in 1888, the Hotel Del has seven floors and 680 rooms. It’s a national historic landmark and the second largest wooden structure in the nation. In 1977, the Del was declared a National Historic Landmark and has hosted presidents, celebrities and royalty over the years.
Twelve presidents have stayed at the hotel, from Woodrow Wilson to President Obama, plus notable guests including Babe Ruth, Thomas Edison, Madonna and Oprah Winfrey.
Anbang has already invested in several famous U.S. hotels, including the Waldorf Astoria in New York.