Anbang abandons bid to buy US hotel near naval base

Seattle

A DEAL by China's Anbang Insurance Group Co to purchase a landmark Southern California hotel near a major naval base from Blackstone Group LP was called off following opposition from US national-security officials, according to people with knowledge of the decision.

Blackstone ended the sale of the Hotel del Coronado near San Diego, estimated to be worth about US$1 billion, after concerns were raised by the Committee on Foreign Investment in the United States, according to the people, who asked not to be identified because the sale process is private. The interagency body, led by the Treasury Department, reviews acquisitions of American businesses by non-US entities for national-security risks.