An Anbang Insurance Group Co. unit sued to force South Korea’s Mirae Asset Global Investments Co. to complete its $5.8 billion purchase of a U.S. luxury hotel portfolio as the coronavirus pandemic roils financial markets.
The suit was filed under seal in Delaware Chancery Court Monday. In a public summary, officials of the Anbang unit said the suit “seeks an order compelling defendants to specifically perform their obligations under a sale and purchase agreement and certain equity commitment letters.”
Mirae officials had asked the Beijing-based insurer for more time to close the deal because the required debt financing isn’t immediately available, Bloomberg News reported earlier this month.
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. Bloomberg
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