Mirae Asset Global Investments was reported to have beaten competition from GIC, Host Hotels & Resorts, and Blackstone Group to buy the group.
A summary of the lawsuit read that the group “seeks an order forcing defendants to specifically perform their obligations under a sale and purchase agreement and certain equity commitment letters”. The deal was due to close on 17 April.
The portfolio of 15 luxury hotels, which Anbang acquired via its acquisition of Strategic Hotels & Resorts Inc, includes the Westin St. Francis in San Francisco, Loews Santa Monica Beach Hotel, JW Marriott Essex House in New York and the Four Seasons in Jackson Hole, Wyoming.
The Chinese insurance group bought the hotels for US$6.5 billion in March 2016 from US private equity firm Blackstone, according to news reports at the time. The expansion unravelled when China jailed former chairman Wu Xiaohui for 18 years in May 2018 for fraud and embezzlement.
JW Marriott Essex House, New York
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