Starwood's portfolio includes 280 hotels, including the 1 Hotel Central Park. Photo: 1 Hotels
Starwood Capital Group sold a stake valued at $2 billion to China's largest life-insurance company, Starwood said in a statement Tuesday.
China Life Insurance Co. is the lead investor of the private investment firm’s portfolio of 280 select-service hotels in 40 states. Starwood, who sold New York’s luxury Baccarat hotel to another Chinese company last year, is one of the biggest real estate managers in the world.
The investment by China Life marks a trend of Chinese companies buying hotel and travel businesses around the world. Anbang Insurance Group Co. acquired 15 luxury U.S. hotels last month, including New York’s JW Marriott Essex House and the Westin St. Francis in San Francisco. And HNA Group, owner of Hainan Airlines Co., agreed to buy Minneapolis-based Carlson Hotels Inc. and its majority stake in Rezidor Hotel Group in April.