Hints and tips:
...The move could be a strategic win for Beijing, the FT reports. Fraud-busters Accounting scandals and other dodgy activities have run rampant in the start-up world....
...Mr Laster said Anbang failed to seek consent from Mirae before taking drastic actions in response to the pandemic, such as furloughing staff and closing properties included in its Strategic Hotels & Resorts...
...Final thought The grand dame of Marrakesh’s hotel scene has had a facelift....
...Speaking of rights issues, InterContinental Hotels gets a downgrade from Jefferies as part of a big lodging sector note....
...it easier for them to compete with domestic strategic buyers....
...Skjolden today looks pretty much as it did in 1913, save for the village’s only hotel, a later arrival, where I stayed in a room with spectacular views down the V-shaped valley of Lustrafjord....
...WPP will also reduce is planned capex from £400m to v£300m....
...Under the eye of luxury hotel veteran Pierre-Yves Rochon, who designed the interiors of The Savoy in London as well as the Four Seasons Hotel George V in Paris, the magpie-luxe approach somehow works....
...Dylan and I head into the hotel....
...When Blackstone sold Strategic Hotels & Resorts — the owner of 16 luxury hotels in the US — to the Chinese insurer Anbang for $5.5bn in 2016, it did not need to consider the risk that Strategic would become...
...The resort now covers 1.1 sq km, with six hotels and 120 food outlets. Over the next few years, Mr Lui plans to double the resort’s size, adding more non-gaming attractions and hotel rooms....
...Anbang began a rapid global expansion in 2012, buying banks, insurance companies and property around the world, including the historic Waldorf Astoria hotel in New York and Strategic Hotels & Resorts....
...But the Chinese could expedite these projects for strategic reasons to circumvent the Japan-affiliated Sihanoukville Port....
...A US union conducting contract negotiations for a hotel that was part of Anbang’s $6.5bn acquisition of Strategic Hotels & Resorts has raised a fundamental question that has frustrated banks and other counterparties...
...These assets, with a combined value of around £150m, will be used to develop the platform into a fund focused on acquiring a pipeline of further hotel and resort assets....
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...The biggest deal of the year was Anbang Insurance Group’s $6.5bn purchase of Strategic Hotels and Resorts from private equity group Blackstone....
...“Strategic deals will go ahead. But not just deals that are strategic for the company, deals that are strategic for China Inc,” says Apoorva Shah, co-head of M&A in Asia ex-Japan at Nomura....
...Mr Sternlicht founded Starwood Hotels and Resorts in 1995, and built it into one of the world’s largest hotel groups....
...Earlier this year, reports suggested the China Insurance Regulatory Commission had upended its $14bn bid for Starwood Hotels & Resorts. Some banks had started to adopt a cautious stance towards HNA....
...Over the weekend, news broke that Chinese insurance group-turned-property-titan Anbang was to acquire Strategic Hotels & Resorts, the owner of 16 luxury properties, for $6.5bn....
...A regulatory crackdown would upend the deal in which Anbang agreed to pay $6.5bn for Strategic Hotels & Resorts early last week, as well as the $13.2bn bid that it made for Starwood Hotels & Resorts a day...
...In 2014, it paid $2bn for the Waldorf Astoria, a landmark hotel in New York, and at the start of this week agreed a $6.5bn deal to buy Strategic Hotels & Resorts....
...NV Energy lost nearly 6 per cent of its customer base virtually overnight in October after MGM Resorts International and Wynn Resorts agreed to pay a combined $103m to defect and buy their power elsewhere...
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