From today’s Austin Business Journal:
The transaction involves Beijing-based Anbang Insurance Group purchasing the luxury hotel portfolio of Blackstone LP (NYSE: BX). The total amount is estimated $6.5 billion, according to published reports.
The value attributed to Four Seasons Austin is an estimated allocation within the16-property portfolio, which includes the famed Hotel Del Coronado in San Diego and several other Four Season operated hotels around the U.S. The deal is under contract.
Here’s the chronology of events: Strategic Hotels & Resorts purchased the Four Seasons from Lodging Capital Partners and partner Prudential Real Estate Investors in the spring of 2015 for just under $200 million. Then the property quietly changed hands around Christmas when Blackstone purchased Strategic Hotels & Resorts (NYSE: BEE). About 10 days ago, Blackstone unveiled its deal with Anbang.
If Real Capital Analytics data is correct, the Four Seasons Austin will trade at more than $1.2 million per hotel room.
The Four Seasons, which includes 291 rooms and 2.3 acres of land, is located at 98 San Jacinto Blvd. and sits on 2.3 acres of land on the north shore of Lady Bird Lake. Additional information>>>