Essex House, St. Francis and other iconic hotels sold

By LuxuryFOXBusiness

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Some of your favorite hotels are about to be under new management.

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Chinese insurer Anbang Insurance Group is selling a number of its U.S. luxury hotels to South Korea’s Mirae Asset Management for a whopping $5.8 billion, according to a recent report.

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The portfolio includes a total of 15 hotels, Mirae said in a statement, some of which are quite familiar: the JW Marriott Essex House in New York, Loews Santa Monica Beach Hotel in California, Four Seasons in Wyoming, and Westin St. Francis in San Francisco. Anbang still owns the famed Waldorf Astoria hotel in Manhattan.

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Mirae posted a 10 percent deposit on the portfolio this week, travel news and research website Skift reported. The two parties were close to a deal last month but delayed due to discrepancies in the deeds to some of the hotels, according to the Wall Street Journal.

In 2016, Anbang bought the properties’ owner, Strategic Hotels and Resorts, from the Blackstone Group in a deal worth $5.5 billion.

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