CHICAGO--(BUSINESS WIRE)--As Anbang Insurance Group retreats from a $4 billion deal with the Kushner Cos amidst a flurry of unanswered questions, hotel union UNITE HERE has submitted a detailed request for information that may shed light on the firm’s ownership and business strategy.
Presidents of UNITE HERE affiliates in San Francisco, Los Angeles and Chicago submitted the information requests to Anbang and local hotel management at the Westin St. Francis, Loews Santa Monica, and Fairmont Chicago. UNITE HERE represents hundreds of workers at the three properties.
UNITE HERE has requested “a list of all shareholders of Anbang including names, address and percent owned as well as any shareholder agreements or other documents granting one or more individual the right to purchase shares at a future date.” The union also requested copies of hotel management agreements and information related to potential condominium conversions of the hotels.
The request was made pursuant to labor law granting the union access to information about practices which could affect unionized workers at the hotels.
Anbang drew headlines when President Obama stopped staying at the Waldorf Astoria New York after Anbang bought it in 2014 due to what the Associated Press called “fears of espionage.” More recently, Anbang abruptly pulled out of negotiations to invest in a redevelopment of the Kushner family’s 666 Fifth Avenue after news of the deal broke in Bloomberg and the New York Times.
In their request, UNITE HERE officials noted that “if the ownership of Anbang was sufficiently concerning to federal agencies to change the travel plans of the former President, our membership – not to mention security-conscious hotel customers – has the right to a full understanding of the ownership of the hotel.”
A copy of the information request is available at AnbangHotelTravelAdvisory.org/information-request.