The Beijing based "Anbang Insurance Group" is buying up American luxury hotels.
Anbang, pronounced "ahn-bahn" had its business start in 2004 with 75 million dollars and a single branch in Beijing. Since then, the company has increased in value. In just 4 years time the company had assets of 5,1 billion dollars. Today it is one of the largest insurance groups in China with 250 billion dollars in assets, 30,000 employees and more than 35 million clients. Wow !
Of course, many people, including myself, attribute the company's incredible success to its strong political connections.
Anbang burst onto the U.S. luxury hotel scene in 2014, when it bought one of the most famous luxury hotels, the New York Waldorf-Astoria hotel for 1,95 billion dollars. This was the second-largest Chinese aquisition of a luxury hotel on record in America.
The company will pay 6,5 billion dollars to buy Strategic Hotels and Resorts, a portfolio of 16 luxury hotels in America. Anbang is amazing ! (V.C)
buy up 買い上げる
increase in value 資産価値を上げる
in assets 資産額で
attribute to 〜 〜に起因すると考えている
burst onto 〜 〜に突然現われる
on record 記録にある限り