|Above are the 15 luxury hotels in the U.S. that Mirae Asset Global Investments has acquired from Chinese Insurer Anbang Insurance Group. / Courtesy of Mirae Asset Global Investments|
Mirae Asset Global Investments has concluded a deal with China's Anbang Insurance Group to acquire 15 luxury hotels in the U.S., in a package deal worth about 6.7 trillion won ($5.53 billion), the asset management firm said Wednesday.
This is the largest alternative investment deal ever for a domestic financial firm ― Mirae Asset already made a nonrefundable deposit last month.
"A number of global behemoths, including Brookfield, GIC and Host Hotels & Resorts, participated in the bid to acquire the 15 hotels," said a Mirae Asset Global Investments official.
"Mirae Asset Global showed its global presence by acquiring them."
In 2016, Anbang Insurance Group acquired the 15 hotels from Strategic Hotels & Resorts for about $5.5 billion as part of the group's global purchasing spree for international trophy assets. Strategic Hotels & Resorts is owned by the world's largest private equity fund (PEF) Blackstone.
The group had to put them up for sale to secure quick cash reserves after Chinese authorities seized control of Anbang and a court sentenced group Chairman Wu Xiaohui to 18 years in prison.
Mirae Asset Financial Group has been seeking promising overseas assets to diversify its business portfolio under the leadership of group founder Park Hyeong-joo.
"Mirae Asset has strengthened its presence since its entry into the global market in 2003," Global Investment CEO Choi Chang-hoon.
"Mirae Asset Global will continuously look for promising assets overseas to offer investors better investment opportunities."
Mirae Asset Financial Group announced in July that it will also participate in acquisition financing for global PEF CVC Capital Partners' takeover of Swedish building material maker Ahlsell. The deal is estimated to be worth more than 3 trillion won.