Pouncing on Anbang portfolio: Blackstone, Brookfield Asset Management, Mirae Asset Management and SoftBank-owned Fortress reportedly have put in bids of up to US$5.8 billion for Anbang Insurance’s portfolio of 15 luxury hotels, according to the Financial Times. People familiar with the sale process said 17 potential buyers have submitted bids to Chinese authorities unwinding Anbang, which was placed under regulatory control in 2018 after its founder was jailed for 18 years on fraud and embezzlement charges, FT said. The portfolio includes luxury properties of Strategic Hotels & Resorts as well as the Four Seasons Moscow.
MGM estimates shooting costs: MGM Resorts has told the Securities and Exchange Commission that the resorts might need to pay somewhere between US$735 million and US$800 million to settle liability lawsuits as a result of the 2017 shooting from its Mandalay Bay property in Las Vegas that killed 58 people and injured another 422 people at the nearby Route 91 Harvest music festival. MGM said it has US$751 million in insurance to pay for the settlement. But lawyer Robert Eglet, who has handled mediation for the plaintiffs, said it might be too early to establish how much the resort will need to pay in the settlement, according to the The Associated Press.
Oyo takes China: Oyo Hotels & Homes said on Wednesday that within 18 months it has become the second-largest hotel group in China in terms of room count and is seeing over 97% of asset owners extending their Oyo contracts. In 320 Chinese cities, Oyo said is has nearly 10,000 branded hotels and 450,000 rooms.
No deal for new Encore: MGM Resorts International has reportedly ended talks with Wynn Resorts over its possible acquisition of the US$2.6 billion Encore Boston Harbor property in Everett, Massachusetts. The nearly completed Encore Boston Harbor property is scheduled to open June 23.
Another deal for Nashville: Propst Development, Chartwell Hospitality and Hilton have signed a deal to develop the Conrad Nashville, slated to open in 2021. The 237-room hotel will anchor one of the two towers at Broadwest, Nashville’s new US$540-million, urban mixed-use community. Chartwell will manage the hotel for Huntsville, Alabama-based Propst. The deal marks the third-ever luxury property franchised by Hilton. The 14-floor Conrad Nashville will anchor a 34-story tower to include 196 high-end condominiums.
Dreams comes to D.R.: AMResorts, an Apple Leisure Group-related brand, has signed a management deal with owner Grupo Santa Maria SA to bring Dreams Resorts & Spas to El Macao in the Dominican Republic. Upon opening in the second quarter of 2020, Dreams Macao Beach Punta Cana will be the 11th AMResorts branded property on the island, while Macao Beach becomes the fifth destination in the Dominican Republic in the AMResorts Collection.