Chinese investors will snap up hotel assets worth $5bn this year, establishing themselves in the market for hospitality real estate, according to a report from property consultants JLL.
China’s Anbang Insurance Group spearheaded the investment trend by agreeing in October to pay Hilton $1.95bn for New York’s Waldorf Astoria, setting a record for a single hotel deal in the US.
The zeal for global hotel assets has been fuelled by a loosening in controls on outbound investment by China’s Ministry of Commerce. From October, deals above $100m no longer required its approval.
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