Blackstone is selling Strategic Hotels & Resorts, which owns 16 properties including the Four Seasons resorts in Arizona and Wyoming, just three months after buying the company themselves.
The deal marks the biggest US property purchase by a mainland Chinese buyer.
Anbang is also part of a group seeking to gatecrash a separate hotel deal.
US hotelier Marriott International said a consortium led by Anbang had made an “unsolicited” offer for Starwood Hotels.
View more Agra hotels