OREANDA-NEWS. June 15, 2015. American Financial Group, Inc. (NYSE: AFG) announced today the sale of Le Pavillon Hotel, its luxury hotel property located in New Orleans, Louisiana. AFG expects to recognize a non-core after-tax gain of approximately \\$25 million in the second quarter of 2015. The property was owned and managed by a subsidiary of Great American Insurance Company, AFG’s flagship property and casualty insurer.

S. Craig Lindner, Co-Chief Executive Officer of AFG, commented, “The Le Pavillon Hotel is a magnificent historic hotel property and an example of AFG’s strategy with regard to its real estate investments. Over many years, AFG has demonstrated an ability to purchase under-performing or out-of-favor assets, develop and manage them, and sell them when we believe the value has been maximized.”

Carl H. Lindner III, Co-Chief Executive Officer, added, “The proceeds from the sale will provide additional capital to grow AFG’s core businesses or to return capital to our shareholders.”