Another Chinese firm invests in hotel real estate outside Asia. China Life, a Chinese insurance company, put about 2 billion dollars in one of Starwood Capital's investment funds, thus acquiring 280 hotels in the United States.
Barry Sternlicht, President and CEO Starwood Capital, declared: "With this select-service hotel portfolio, China Life has an efficient vehicle for investing in the United States economy as a whole.We look forward to working with China Life on additional opportunities across a wide range of real estate asset classes in the years to come."
Starwood Capital has a portfolio of 2,600 properties positioned on the economy to upscale segments worldwide. China Life is a state-owned insurance company headquartered in Beijing; its asset portfolio is estimated at close to 135 billion euros.
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