Mirae Asset to acquire luxury hotel in Hawaii: reports

By Park Sae-jin Posted : June 8, 2016, 11:02 Updated : June 8, 2016, 11:02

[Courtesy of Mirae Asset]


South Korea's major asset manager, Mirae Asset Financial Group, has increased its hotel portfolio abroad by acquiring another luxury hotel in Hawaii, reports said.

The price was not disclosed, but Hawaii-based news organizations including Star Advertizer reported that Mirae Asset Global Investments has signed to take over a whole 100 percent stake in the Hyatt Regency Waikiki Beach Resort & Spa from Blackstone Group, a US private equity fund, for 800 million US dollars.

The deal brings Mirae's recent investments in Hawaii to over $1.0 billion, after the company spent $220 million to acquire the 540-room Fairmont Orchid Hotel in May 2015, according to Star Advertizer.

Mirae Asset has invested in overseas assets such as buildings and hotels, including a Sydney hotel in 2013 and a hotel in San Francisco last year. This year the asset manager has continued to increase investments abroad while many domestic competitors were trapped in domestic stock markets hit by slow growth.

Aju News Lim Chang-won = cwlim34@ajunews.com
 
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