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Blackstone’s Real Estate Partner VIII fund closed its acquisition and privatization of the Strategic Hotels (NYSE:BEE) REIT in an all-cash transaction valued at approximately $6 billion. “The price is about $450 million more than Blackstone paid for Strategic in December,” said Bloomberg reporter Hui-Yong Yu. “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.” [caption id="attachment_430444" align="alignleft" width="1024"]Anbang Chairman Wu Xiaohui with Blackstone Chairman Stephen Schwarzman, at Harvard China Forum Anbang Chairman Wu Xiaohui with Blackstone Chairman Stephen Schwarzman, at Harvard China Forum presentation on “Strategic Partnerships with China: Blackstone & Anbang.” Feb. 10, 2015[/caption] The deal illustrates corporate China’s expansion abroad, and would rank as the largest U.S. real estate purchase by a buyer from mainland China, according to data compiled by Bloomberg. Last year Beijing-based Anbang purchased New York’s Waldorf Astoria from Hilton Worldwide Holdings (NYSE: HLT) for $1.95 billion, one of the highest prices per room ever paid for a U.S. hotel. Strategic Hotels & Resorts is an owner and asset manager of the highest quality portfolio of upper-upscale and luxury hotels and resorts. Its current portfolio of 16 hotels and resorts are found in desirable and high-barrier-to-entry urban and resort markets in the United States. They include 7,532 rooms, 807,000 square feet of multi-purpose meeting and banqueting space, and feature multiple revenue streams, such as world-class restaurants, unique wine and cocktail bars, high-end spas and desirable retail offerings. Strategic Hotels’ resort properties include the Fairmont and Four Seasons Resort in Scottsdale, Arizona, Four Seasons Resort in Jackson Hole, Wyoming, Del Coronado in San Diego, the Loews Santa Monica Beach, Montage Laguna Beach, Ritz-Carlton Half Moon Bay and Ritz-Carlton, Laguna Niguel in California. Strategic’s urban properties include the Fairmont and Intercontinental Chicago, Four Seasons Hotel in Austin, Texas, Four Seasons Hotel in Silicon Valley, Four Seasons Hotel in Washington, D.C., Intercontinental in Miami, JW Marriott Essex House in New York and The Westin St. Francis in San Francisco. At the time of its acquisition by Blackstone, Strategic Hotels owned interests in 17 properties with an aggregate of 7,921 rooms and 847,000 square feet of multi-purpose meeting and banqueting space. Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has $92 billion in investor capital under management. Blackstone’s real estate portfolio includes hotel, office, retail, industrial and residential properties in the US, Europe, Asia and Latin America. Major investments include Hilton Worldwide, Invitation Homes (single family homes), Logicor (pan-European logistics), SCP (Chinese shopping malls), and prime office buildings in the world’s major cities. Blackstone real estate also operates one of the leading real estate finance platforms, including management of the publicly traded Blackstone Mortgage Trust (BXMT).]]>