SEOUL (Reuters) – South Korea’s Mirae Asset Global Investments said on Monday that it has terminated a $5.8 billion deal to buy 15 U.S. hotels from China’s Anbang Insurance Group [ANBANG.UL].
The asset manager said in a statement that Anbang did not remedy breaches of certain obligations regarding the September contract, resulting in the termination of the deal.
A consortium led by Mirae agreed last year to buy the hotels in U.S. cities, including in New York, San Francisco and Los Angeles, from Anbang, which had been selling down its overseas assets after the Chinese government took control of the troubled insurer in 2018.
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