Phoenix Business Journal
New York private equity firm Blackstone Group is selling the Fairmont Scottsdale Princess as part of a $6.5 billion deal to sell Strategic Hotels and Resorts Inc. to Chinese company Anbang Insurance Group.
The Fairmont is currently undergoing a $60 million renovation.
Blackstone bought Chicago-based Strategic Hotels, which owns 16 luxury properies, just three months ago in a deal worth $3.93 billion, or $6 billion including debt, reported the Associated Press.