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Report: Mirae Asset leads race to buy Anbang's US$5.5B US hotel portfolio

A Mirae Asset Financial Group-affiliate emerges as the front-runner to purchase 15 luxury hotels across the U.S. from Anbang Insurance Group Co. Ltd., Bloomberg News reported, citing people with knowledge of the matter.

The South Korean asset manager could value the properties, which have also attracted suitors including Brookfield Asset Management Inc., at more than US$5.5 billion, the report said. The properties' former owner, Blackstone Group Inc., was reported earlier to be also bidding for the assets, which formerly known as Strategic Hotels & Resorts Inc.

One of the unnamed sources told the news platform that Mirae Asset intends to make a nonrefundable deposit for the transaction by August-end.

A representative for Mirae Asset declined to comment, while Anbang's ultimate custodian, the China Banking and Insurance Regulatory Commission, did not immediately respond to a request for comment, the Aug. 13 report added.