Chinese Owner of Waldorf Astoria Bets Big on More U.S. Hotels

With the deal, the Chinese insurance company would clinch a real estate investment trust that owns and invests in high-end properties. They include Four Seasons hotels and resorts in the Silicon Valley area, Washington and Jackson Hole, Wyo. Strategic Hotels also owns the JW Marriott Essex House Hotel near Central Park in Manhattan.

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With growth slowing at home and the renminbi weakening, Chinese companies have been looking overseas. In February, a Chinese state-owned company called China National Chemical Corporation, or ChemChina, agreed to buy the Swiss agriculture conglomerate Syngenta for $43 billion, which, if completed, would be the biggest Chinese purchase of a foreign company. Last year, Chinese foreign direct investment in the United States reached $15.7 billion, a record, according to the consulting firm Rhodium Group.