The long-delayed sale of Montage Laguna Beach and Ritz-Carlton Laguna Niguel has been nixed.
Korea’s Mirae Asset Financial Group said Monday it is terminating its deal to buy a collection of 15 upscale hotels in the U.S., including the two OC resorts, from China-based Anbang Insurance Group, claiming the seller breached contract obligations.
The two resorts were expected to trade for at least a combined $900 million in a $5.8 billion deal originally slated to close last month, but a string of issues, including the coronavirus, jeopardized the exchange.
For details, see the May 11 print edition of the Business Journal.
