Anbang’s multibillion-dollar US luxury hotel portfolio may have buyer: report

Mirae Asset Financial Group would pay $5.5B for the 15-hotel portfolio, which includes JW Marriott in New York and Loews in Santa Monica

Aug.August 12, 2019 06:13 PM
Anbang former Chairman, Wu Xiaohui and some of the properties

Anbang former Chairman, Wu Xiaohui and some of the properties

Anbang Insurance Group appears to have found a buyer for its multibillion-dollar U.S. luxury hotel portfolio, which includes JW Marriott Essex House in New York and Loews Santa Monica Beach Hotel in Los Angeles.

An affiliate of South Korea’s Mirae Asset Financial Group is working to arrange financing and reach terms for the purchase of the Chinese insurer’s 15 luxury hotels, according to Bloomberg.

An acquisition by the South Korean asset manager could value the 15 properties at more than $5.5 billion, Bloomberg reported.

In addition to the Marriott and Loews, the properties include the Westin St. Francis in San Francisco and the Four Seasons in Jackson Hole, Wyoming. Brookfield Asset Management and a group tied to the U.K.’s billionaire Barclay twins also showed interest in buying the hotel portfolio, according to the report.

Anbang bought the properties from Blackstone Group for about $5.5 billion in 2016. At the time, the Chinese company was buying up trophy assets throughout the world, including paying $1.95 billion in 2014 to acquire the Waldorf Astoria in New York City.

In 2018, the Chinese government seized Anbang, and its Chairman Wu Xiaohui was sentenced to 18 years in prison after being convicted by a Chinese court of orchestrating a $12 billion fraud. [Bloomberg]Keith Larsen

Related Article

Anbang’s Andrew Miller with Fairmont Chicago and JW Marriott Essex House on Central Park South (Credit: Wikipedia)

Bizarre case of deed fraud complicated Anbang’s $5.8B hotel portfolio deal

WeWork CEO Adam Neumann (Credit: Getty Images and iStock)

WeWork’s side businesses are fizzling

WeWork CEO Adam Neumann (Credit: Getty Images)

Adam Neumann wants to live forever – that and more zany news about WeWork’s CEO

Federal Reserve Chairman Jerome Powell (Credit: Getty Images)

Fed cuts rates, signaling caution ahead for real estate investors

Bernie Sanders (Credit: Getty Images)

Bernie Sanders unveils details of $2.5T housing plan: “We need a homes guarantee”

Colony Capital CEO and Executive Chairman Tom Barrack (Credit: Getty Images, iStock)

Tom Barrack has buyer’s remorse over Colony Capital’s merger with NorthStar; looks to shed distressed assets

From left: Compass' Jason Post, CEO Robert Reffkin, and COO Maelle Gavet (Credit: Wharton UPenn)

Compass’ top communications exec to depart

Rodrigo Niño (Credit: Prodigy Network and iStock)

Embattled Prodigy Network CEO Rodrigo Niño to step down

Bernie Sanders and Champlain Community Housing Land Trust's affordable housing (Credit: Getty Images and Build a Better Burb)

Inside Bernie Sanders’ $2.5T housing plan