Blackstone Group is selling a portfolio of US luxury hotels to the Chinese owner of New York’s Waldorf Astoria, just months after buying it for $4 billion.

China's Anbang Insurance Group is near a deal to buy Strategic Hotels & Resorts from a Blackstone-managed real estate fund, according to people familiar with the situation. The price Anbang is paying couldn't be determined, but Blackstone is expected to turn a profit after taking the company private in December.