Korean investment firm to buy Hyatt Regency Waikiki Beach Resort
Monday, 08 Jun, 2016
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Korean investment firm Mirae Asset Global Investments Co has reportedly agreed to buy its second Hawaii hotel.
Blackstone Group has agreed to sell the leasehold of the Hyatt Regency Waikiki Beach Resort & Spa for $800 million to Mirae which is equivalent to about $650,000 per key, sources said, according to Pacific Business News.
The South Korean company bought the 540-room Fairmont Orchid Hotels & Resorts in Hawaii last year for $200 million and also owns hotel real estate in San Francisco.
Blackstone purchased the leasehold of the 1,230-room Hyatt Regency Waikiki in 2008 for $450 million.
"Mirae Asset has invested in overseas assets such as buildings and hotels to secure a variety of growth drivers while focusing on its mainstay asset management business," the person familiar with the matter said although the company declined to make an official comment.
Mirae is one of South Korea’s biggest firms based on assets under management with a portfolio worth about $80 billion.
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