Fairmont Scottsdale Princess sold to China’s Anbang as part of $6.5 billion deal

Fairmont Scottsdale
Fairmont Scottsdale
Fairmont Scottsdale Princess

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.

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