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Investment Firm Could Buy Hyatt Regency Waikiki BeachJune 7, 2016
South Korea's Mirae Asset investment company may purchase the Hyatt Regency Waikiki Beach Resort and Spa in Honolulu, Hawaii News Now reports. If the deal goes through, it could reach as much as $800 million.
The company is one of Asia’s largest financial services firms, and previously acquired the Fairmont Orchid hotel on Hawaii Island for $200 million last May.
In 2013, New York's Blackstone Group bought the leasehold interest in the 1,230-room Waikiki hotel for $450 million, according to Pacific Business News. In 2008, Goldman Sachs’ Whitehall Street Real Estate Funds, partnered with Hyatt Hotels Corp., purchased the hotel from its bankrupt Japanese owners for $410 million.
According to the hotel workers' union, executives from Mirae Asset were in town to discuss the sale, but a final decision has not yet been made.