Mirae buys U.S. hotel portfolio for $5.8b, highest priced purchase by Korean company
The asset management unit of Seoul, Korea-based Mirae Asset Financial Group has acquired a 15-hotel portfolio in the United States from Anbang Insurance Group Co. for $5.8 billion, marking the single-highest price tag for an overseas alternative investment by a Korean company.
The hotels included JW Marriott Essex House New York, The Ritz-Carlton Half Moon Bay, Montage Laguna Beach, Four Seasons Silicon Valley, Hotel Fairmont Scottsdale Princess, Four Seasons Arizona, Four Seasons Resort and Residences Jackson Hole, InterContinental Chicago, InterContinental Miami and The Westin St. Francis San Francisco.
Korean investors purchased $5.3 billion in overseas real estate assets during the first six months of 2019, according to a recent report by property consultancy JLL. The purchases represent a record for half-year volume of cross-border property purchases by Korean institutions.