Fairmont Scottsdale Princess Sold, Continues Expansion
- By Development
- March 28, 2016
- Spotlight
The Fairmont Scottsdale Princess will be sold by the New York private equity firm Blackstone Group as part of a $6.5 billion deal to sell Strategic Hotels and Resorts Inc. to Chinese company Anbang Insurance Group, according to the Phoenix Business Journal. Blackstone bought Chicago-based Strategic Hotels, which owns 16 luxury properties, late last year in a deal worth $3.93 billion, or $6 billion including debt, according to the Associated Press. Properties also included several California hotels. The purchase by Beijing-based Anbang is part of its plan to invest in luxury U.S. hotel properties. With Strategic Hotels, Anbang will gain a portfolio that includes 7,532 rooms along with numerous meeting and banquet space. The Fairmont is undergoing a $60 million renovation.
