The Homewood Suites in San Bernardino, CA is among 280 properties in the portfolio.
GREENWICH, CT—Continuing Chinese institutions' inroads into US hospitality, Starwood Capital Group said Tuesday it had sold a stake of about $2 billion in a select-service portfolio to China Life Insurance Co. Ltd. The portfolio spans 280 locations across 40 states and encompasses select-service brands of Hilton, Marriott, Intercontinental Hotel Group, Hyatt and Choice Hotels.
“With this select-service hotel portfolio, China Life has an efficient vehicle for investing in the United States economy as a whole, as these assets offer access to strong markets, strong cash-on-cash yields, scale and diversification,” says Barry Sternlicht, chairman and CEO of Starwood Capital. Given the two companies' “shared values and complementary investment approaches,” he adds, “we look forward to working with China Life on additional opportunities—across a wide range of real estate asset classes—in the years to come.”
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
