Blackstone Group Chief Executive Officer Stephen Schwarzman Speaks To Economic Club Of Washington
Stephen "Steve" Schwarzman, co-founder, chairman and chief executive officer of Blackstone Group, at an Economic Club of Washington luncheon on Sept. 15, 2015.  Andrew Harrer/Bloomberg via Getty Images

Here’s the Real Winner of China’s Overseas Hotel Splurge

Oct 27, 2016

In 2014, it was New York’s Waldorf Astoria hotel to China’s Anbang Insurance Group for $1.95 billion. Earlier this year, it was the Strategic Hotels and Resorts (bee) to the same Beijing-based insurance giant for $5.5 billion. And on Monday, a 25% stake in the Hilton Worldwide (hlt) went to China’s aviation and shipping conglomerate HNA Group for $6.5 billion.

What do all these mega-deals have in common? Chinese buyers—and Blackstone Group (bx), the New York-based private equity firm overseeing them.

Get Term Sheet, Fortune’s daily email about deals and deal-makers.

“Blackstone’s search for real estate buyers keeps ending in China,” Bloomberg noted.

The Wall Street Journal on Wednesday published research that shows “Blackstone or a portfolio company have sold at least $16 billion in hotels, office buildings and other overseas real-estate assets to Chinese buyers” over the last three years.

For more on Blackstone, watch Fortune's video:

China’s booming tourism industry is also shown to be playing an important role. At least $25 billion of the $199 billion in China’s outgoing deals this year has involved hotel or property acquisitions, according to the newspaper. Countless companies, from Chinese digital payment service Alipay to hotel investors, are looking to cash in on the flow of holidaymakers expected to venture abroad; the number of Chinese travelers is forecast to double by 2020.

Blackstone, whose co-founder, chairman, and chief executive Stephen Schwarzman is said to be personally involved in leading negotiations with Chinese purchasers, appeared to downplay the trend in a comment to the Journal.

“As the second largest economy in the world, it’s no surprise that China is making more outbound investments,” said a spokesperson, Christine Anderson. “Given the nature of our business and quality of the assets we own, it’s also no surprise that they would be acquiring from us.”

All products and services featured are based solely on editorial selection. FORTUNE may receive compensation for some links to products and services on this website.

Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions