September 12, 2019
China’s Anbang Insurance Group Co. agreed to divest a luxury hotel portfolio to Mirae Asset Global Investments for more than $5.8 billion. Completion of the 15-property sale to the South Korean company required the resolution of a series of fake deeds involving up to a half dozen of the assets.
The Anbang hotel portfolio includes high-end properties such as the Essex House in Manhattan and InterContinental hotels in Chicago and Miami. Among the assets where fake documents were discovered during a title search included the Montage Laguna Beach hotel in Orange County, San Francisco’s Westin St. Francis, the Loews Santa Monica, the Four Seasons Silicon Valley in East Palo Alto, CA, as well as Ritz-Carlton hotels in Half Moon Bay, CA and in Laguna Niguel, CA.
New York’s landmark Waldorf Astoria, which Anbang acquired for $1.95 billion in 2015, was not included in the sale.
*Pictured above San Francisco’s Westin St. Francis hotel
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