Anbang Insurance Group’s sale of its U.S. hotel portfolio has fallen apart. The buyer, South Korea’s Mirae Asset Global Investments, announced the termination of its $5.8 billion purchase contract for Anbang’s 15 hotels, accusing the Chinese insurer of breaching contract, Reuters reported. “Among other things, AnBang had failed to timely disclose and discharge various material encumbrances and liabilities impairing the hotels and failed to continue the operation of the hotels in accordance with contractual requirements,”
source https://therealdeal.com/2020/05/06/anbangs-5-8b-hotel-portfolio-sale-scrapped/
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