Mirae Asset Financial Group has been on the global hunt for famous luxury hotels. Investment banking industry sources said on June 8 that Mirae Asset Financial Group will buy Hyatt Regency Waikiki Beach Resort and Spa, one of the prime real estate properties in Hawaii, for US$780 million.
The 40-story hexagon-shaped twin towers, located on Hawaii's Waikiki Beach, are considered as a landmark hotel with 1,230 guestrooms.
Mirae Asset is said to have recently signed a stock purchase agreement (SPA) with the Blackstone Group, one of the world's largest private equity firms, to purchase the hotel property.
The deal will mark Mirae Asset’s second hotel acquisition in Hawaii. Last year, the Fairmont Orchid hotel on the Big Island of Hawaii was sold to Mirae Asset.
Mirae Asset has been spurring its investment activity abroad: it purchased the Four Seasons Hotel in Sydney in 2013, the Fairmont Orchid hotel on the Big Island of Hawaii in May 2015 and the Fairmont San Francisco Hotel in September 2015.
