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Mirae Asset Global Investments canceled its planned acquisition of 15 luxury hotels in nine United States cities for $5.8 billion due to an alleged breach of contract by the seller, China's Anbang Insurance Group.
Mirae Asset sent the termination notice to Anbang on Sunday.
The sale and purchase agreement that the parties signed on Sept. 10, 2019, included the JW Marriott Essex House in New York, Westin St. Francis in San Francisco, Loews Santa Monica Beach Hotel, and the Four Seasons in Jackson Hole, Wyoming.
Mirae Asset had demanded a return of its reported $600 million deposit from the escrow agent.
However, as Anbang is preventing the told the escrow agent from returning the deposit, Mirae Asset is expected to file a lawsuit.
According to Mirae Asset, other than failing to reveal and discharge liabilities and encumbrances impairing the hotels, Anbang also failed to continue operating the hotel in accordance with the contract.
On Apr. 17, Mirae Asset notified Anbang that it is giving it 15 days to resolve the issue, or it may exercise its right to cancel the contract. However, Anbang waited until May 2 before it acted.
Mirae Asset added that Anbang had sued its affiliated entities on Apr. 27 in Delaware, alleging it failed to complete payment by Apr. 17. The lawsuit further prompted Mirae Asset to protect its rights vigorously.
Bloomberg reported that Mirae Asset had requested an extension to close the deal since the required debt financing wasn't yet available.
However, Mirae Asset has denied it was facing financial difficulties, insisting that the deal was postponed because Anbang had failed to satisfy the prerequisites.
Mira claimed it found out that Anbang was embroiled in a lawsuit with another party, so it had asked the seller to produce related documents, which Anbang declined to provide.
Anbang explained in a press release Monday that the said with the third party has already been closed, making the hotels free from any problems related to ownership. It added that it had explained the matter to Mirae Asset via a petition filed with the Delaware court.
