Anbang Sells Luxury Hotels to South Korea's Mirae for $5.8 Billion

Anbang Insurance Group Co. agreed to sell a luxury hotel portfolio to South Korea’s Mirae Asset Management Co., marking the end of the Chinese insurer’s short-lived investment in the properties.

Mirae posted a 10% deposit this week on a sale price of a little more than $5.8 billion for the portfolio, according to a person familiar with the matter who asked not to be named because the details are private. The parties were nearing a sale last month, as Bloomberg News reported at the time. Irregularities in the deeds to some of the properties delayed the sale, according to the Wall Street Journal.