Mirae Asset Global Investments set to record South Korea’s biggest cross-border real estate investment
JLL representing Mirae as buy-side valuation and financing advisor on purchase of luxury hotel portfolio
CHICAGO, Sept. 11, 2019 – Mirae Asset Global Investments (“Mirae Asset”) today announced that it has entered into a definitive agreement to acquire a portfolio of 15 U.S. luxury hotels from Anbang Insurance Group Co. (“Anbang”). The deal would be the biggest cross-border real estate investment by a South Korean Company and solidify Mirae’s presence in the U.S. real estate market.
Choi Chang-hoon, head of the real estate unit at Mirae Asset, commented, “This project is the result of Mirae Asset’s continued effort in the overseas real estate market since 2003. We will continue to strive to provide investors with the opportunity to diversify their portfolio with core real estate assets located in key, global markets.”
The portfolio, which Anbang purchased from Blackstone in 2016, consists of market-leading luxury hotels and resorts located in high barrier-to-entry urban and resort markets, with limited supply growth. The portfolio, comprised of approximately 720,000 square feet of meeting space and 6,912 rooms, is positioned to continue to benefit from the approximate $400 million in capital expenditures that Anbang has invested since 2016.
JLL Hotels & Hospitality is the buy-side valuation and financing advisor on behalf of Mirae Asset. Bank of America Merrill Lynch is acting as sole financial advisor to Anbang on the sale of the portfolio.
The iconic 15-property luxury hotel portfolio includes the JW Marriott Essex House in New York; Ritz-Carlton Half Moon Bay and Westin St. Francis in San Francisco; Montage Laguna Beach in Southern California; Four Seasons Silicon Valley; Fairmont Scottsdale Princess and Four Seasons Scottsdale in Arizona; Four Seasons Jackson Hole in Wyoming, and InterContinental Hotels in Chicago and Miami.
JLL Hotels & Hospitality has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totalling more than $63.2 billion worldwide. The group’s 350-strong global team in over 20 countries also closed more than 5,420 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com