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Report: Mirae Asset buys Anbang's US hotel portfolio for over US$5.8B

Mirae Asset Global Investments Co. Ltd. agreed to buy 15 luxury hotels across the U.S. from Anbang Insurance Group Co. Ltd. for more than US$5.8 billion, The Wall Street Journal reported, citing people familiar with the matter.

The two sides reached an agreement in August, although the final signing was delayed after Anbang discovered fraudulent deed transactions involving at least four California hotels in the portfolio formerly known as Strategic Hotels & Resorts Inc., the publication said.

Representatives for Anbang and Mirae Asset declined to comment regarding the deal, the Sept. 10 report added.

In a separate Sept. 11 report, Bloomberg News noted that Mirae Asset already paid a 10% deposit for the transaction earlier this week.

The South Korean financial services company was reported in August to be leading the race for the properties, which also piqued the interest of Canadian investor Brookfield Asset Management Inc., government-run funds and private equity firms such as Blackstone Group Inc.