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China Life Insurance invests $2 billion in American hotel real estate

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.

The Chinese insurance company China Life just invested massively in a hotel real estate portfolio including 280 economy properties in 40 states in the United States, from one of Starwood Capital's hotel investment funds. The American group estimates that this portfolio represents a global value of 3 billion dollars, shared between China Life, for $2 billion, and other investors and sovereign funds for the remaining billion. Starwood Capital will continue to manage the assets of these units.

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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