Transactions - AUGUST 14, 2019

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South Korea investor in talks to acquire 15 U.S. hotels for $5.5b

by Andrea Zander

An affiliate of Mirae Asset Financial Group is in talks to pay $5.5 billion for 15 luxury hotels in the United States, reported Bloomberg.

The 15 hotels in the portfolio include the Fairmont Scottsdale Princess, several Ritz-Carlton properties (including those in Half Moon Bay near California’s Silicon Valley), several Four Seasons hotels, the JW Marriott Essex House on Central Park South in New York City, the InterContinental in Chicago and the Westin in San Francisco.

A year ago, Anbang put the collection of the luxury hotels for sale. In 2018, the Chinese government seized Anbang, and its chairman Wu Xiaohui was sentenced to 18 years in prison for fraud.

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