Developer looks to buy hotel portfolio from China’s Anbang
A Las Vegas real estate developer and its partners have expressed interest in buying a 15-hotel portfolio from Beijing-based Anbang, The Post has learned.
The portfolio includes Manhattan’s Essex House — but Anbang, which owns a total of 18 US hotels, is being coy about whether the Central Park South property is to be sold, the developer said.
The developer, Charles Everhardt & Lockwood Development Partners — and its partners in the deal, a group of hotel franchisees — said Anbang, recently taken over by the Chinese government, is asking suitors to bid based on the rate of return on hotel income for an undetermined 15 hotels.
The difficulty for suitors is that the cap rate for the Essex House is higher than for some of the other properties, and it’s not clear which of the 18 will be included, Everhardt said. Franchisees of Hilton, Marriott, Four Seasons and InterContinental are in the Everhardt bidding group, he said.
One of Anbang’s hotels, the world-famous Waldorf Astoria, is not among those being considered for sale.
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