Mirae’s Winning Scratch of Hotels’ Purchase May Sink Other Deals

Mirae Global Asset Investment Co.’s successful move to nix a $5.8 billion purchase of 15 luxury U.S. hotels from Dajia Insurance Co.after arguing the coronavirus outbreak drained value out of the transaction may pave the way for other firms to walk away from deals they say were crippled by Covid-19.

A Delaware judge concluded Monday Mirae Global properly canceled the deal after China-based Dajia’s response to the Covid-19 pandemic meant it couldn’t meet conditions for closing the sale of the hotels, which included iconic properties such as the Westin St. Francis in San Francisco and the Loews Santa ...