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Anbang’s $5.8 Billion Hotels Sale to Mirae in Peril

  • Some banks involved in financing balk as virus curbs travel
  • Mirae paid 10% deposit for hotels at time of deal in September

Anbang Insurance Group Co.’s sale of a $5.8 billion portfolio of U.S. luxury hotels to South Korea’s Mirae Asset Global Investments Co. is at risk of collapsing, according to people with knowledge of the matter.

After a lender group led by Goldman Sachs Group Inc. failed to garner sufficient investor demand for roughly $4 billion in commercial mortgage-backed securities to finance the transaction, talks shifted to the provision of a similar amount in bridge financing in an attempt to keep the deal alive, the people said, asking not to be identified because the talks are private.