IBTimes UK

China's Anbang Insurance Group has said it's acquiring another top dollar hotel property in the United States -- Strategic Hotels & Resorts -- for $6.5 billion, Reuters reported.

Anbagn had completed in 2015 the purchase of New York's storied Waldorf Astoria hotel from Hilton Worldwide Holdings for $1.95 billion.

Strategic Hotels was taken private three months back by current owner Blackstone private equity group for around $6 billion.

Strategic Hotels has 17 hotels including Four Seasons on Pennsylvania Avenue, the Westin St. Francis in San Francisco and the beach-front Ritz-Carlton Laguna in California.

Privately held Anbang had bought last year US annuities and life insurer Fidelity & Guaranty Life for $1.57 billion.

Anbang, Strategic Hotels and Blackstone declined to comment on the deal, Reuters said.

Anbang, a relatively small Chinese insurance company, punched above its weight to purchase iconic Waldorf Astoria, raising eyebrows in the US.

The company was founded in 2004 with capital of $60 million. Its chairman, Wu Xiaohui, is married to the grand-daughter of Deng Xiaoping, the Economist reported.