Update: The sale to the Anbang Insurance Group was never completed; the Hotel Del Coronado continues to be owned by Blackstone Group -- Ed.
A Chinese company has acquired the hotel group that owns the Hotel del Coronado in a multi-billion dollar deal, according to published reports.
Blackstone Group has agreed to sell Strategic Hotels & Resorts to a Chinese firm for $6.5 billion, CNBC has confirmed.
Beijing-based Anbang Insurance Group will now own the landmark San Diego resort along with 16 other properties. They include Ritz-Carlton locations in California, the Fairmont Scottsdale in Arizona, and the Four Seasons Resort in Jackson Hole, Wyoming.
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The company previously purchased the Waldorf Astoria in New York City, CNBC reports.
University of San Diego professor Alan Gin explained why patrons shouldn't be concerned about the foreign investment.
“It's not like they're going to move the Hotel del Coronado to China,” Gin said.
“They’ve accumulated a lot of financial assets and now they're investing in real property in the US,” he said.
Carl Winston the Director of the Payne School of Hospitality & Tourism Management at San Diego State University agreed things will largely stay the same because the hotel does well financially.
Hotel del Coronado is a 28-acre property built in 1888 and designated a National Historic Landmark in 1977.
The iconic Hotel del Coronado with its red turrets is one of the most recognizable hotels in the world.
It now offers close to 700 rooms and 11 restaurants and continues to draw celebrities and other high-profile guests to the Coronado shoreline.