US Private investment firm Starwood Capital Group announced on Tuesday that it offloaded a stake in a roughly $2 billion portfolio in US hotels to a consortium led by China's largest insurance company, the China Life Insurance Co. Ltd.  

The portfolio comprises of 280 hotels spread across 40 cities in United States.

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"We are honoured to have been given the opportunity to serve as stewards of China Life's capital, and thrilled to embark on a partnership that represents a first-of-its-kind relationship for our firm," said Starwood CEO Barry Sternlicht. "With this select-service hotel portfolio, China Life has an efficient vehicle for investing in the United States economy as a whole."

Starwood said valuation of the entire portfolio stands more than $3 billion.

To recall, the Connecticut-based investment company sold New York's luxury Baccarat hotel to another Chinese insurance company last year.

Chinese insurance companies have shown great interest in US real-estate properties in recent years, with main focus being on properties related to tourism and hotels. Experts say that the Chinese companies focus on hotels and tourism properties is mainly spurred by the recent boom in outbound tourism.

Last month, Anbang Insurance Group Co shelled out nearly $6.5 billion to acquire 15 luxury US hotels, including New York's JW Marriott Essex House and Westin St. Francis in San Francisco.

Meanwhile, Anbang also acquired Waldorf Astoria hotel in Manhattan for approximately $2 billion last year. This year the company also made a $14 billion bid to acquire Starwood Hotels & Resorts Worldwide Inc, which was eventually bought by Marriott International Inc.

TagsStarwood Capital Group, China Life Insurance, china, China Life Insurance Co. Ltd