Mega hotel deal: Blackstone selling luxury hotels to China insurer

March 13, 2016 3:11 PM

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NEW YORK—Blackstone Group is about to check out of Strategic Hotels & Resorts in a $6.5 billion sale to China's Anbang Insurance Group. USA TODAY confirmed the transaction with a source familiar with the deal who requested anonymity.

The private equity firm only completed its $3.93 billion transaction of Strategic Hotels in December. That deal included debt.

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