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Mirae Asset to Take over Hawaii's Landmark Hotel
Buying Hawaiian Landmark Hotel
Mirae Asset to Take over Hawaii's Landmark Hotel
  • By marie
  • June 10, 2016, 01:00
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The front view of the Hyatt Regency Waikiki Beach Resort and Spa will be acquired by Mirae Asset Group.
The front view of the Hyatt Regency Waikiki Beach Resort and Spa will be acquired by Mirae Asset Group.

 

According to investment banking sources on June 8, Mirae Asset Global Investments is said to have recently signed a stock purchase agreement (SPA) with the Blackstone Group, the largest private equity firm in the U.S., earlier this month to acquire the Hyatt Regency Waikiki Beach Resort and Spa for US$780 million (904.41 billion won).

Of the total US$780 million (904.41 billion won) bill, US$380 (440.61 billion won) will come from the group's affiliates such as Mirae Asset Daewoo and Mirae Asset Life Insurance as well as domestic fund investors (LP) while the remaining US$400 million (463.8 billion won) from senior debts. The hotel's management will be retained with Hyatt Hotels & Resorts.

Built in 1976, the 40-story hexagon-shaped twin towers, located on Hawaii's Waikiki Beach, are considered as a landmark hotel in Hawaii with 1,230 guestrooms. Due to proximity to Honolulu International Airport with just 10 minutes' drive and luxury amenities such as luxury spas within the hotel, the hotel is highly sought after by tourists.

Last year, Mirae Asset Global Investments bought an entire 100 percent stake in Fairmont Orchid Hotels & Resorts on the Big Island of Hawaii for 240 billion won (US$206.99 million).