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

National /
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 Articles

arrow_forward_ios
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

Bizarre case of deed fraud complicated Anbang’s $5.8B hotel portfolio deal
The office comes to hospitality and multifamily

The office comes to hospitality and multifamily

The office comes to hospitality and multifamily
Hippo founders Assaf Wand and Eyal Navon (LinkedIn)

Home insurance startup Hippo raises $350M

Home insurance startup Hippo raises $350M
Prices increased 6.6 percent year-over-year in September (iStock)

US home prices surged 6.6% in September

US home prices surged 6.6% in September
Amazon's Jeff Bezos, Google's Sundar Pichai and Facebook's Mark Zuckerberg (Getty, iStock)

Tech giants occupy nearly 600M-sf of US real estate

Tech giants occupy nearly 600M-sf of US real estate
Sam Nazarian and Accor CEO Sébastien Bazin (Getty)

Nazarian trades hotel assets including SLS, Delano to focus on virtual kitchens

Nazarian trades hotel assets including SLS, Delano to focus on virtual kitchens
Cineworld Group CEO Mooky Greidinger and Regal Cinema (Photo via Getty; Wikipedia)

Regal Cinemas scores financial rescue package

Regal Cinemas scores financial rescue package
(iStock)

What doom-and-gloom forecasts miss about the office market

What doom-and-gloom forecasts miss about the office market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...