HAS THE ILLEGAL US OCCUPATION OF HAWAI`I WORKED?
FOREIGN CORP PROFITS $200 MILLION IN 3 YEARS
Blackstone Group LP agreed to sell the leasehold on the Hyatt Regency Waikiki Beach Resort and Spa to Mirae Asset Global Investments Co. for $780 million, garnering a profit of more than $200 million in three years, according to a person with knowledge of the pending transaction.
The 1,230-room property on the Hawaiian island of O`ahu is the latest in a series of overseas real estate purchases by closely held Mirae. Last year, the South Korean company bought the Fairmont Orchid hotel on the big island of Hawai`i and the Fairmont San Francisco, according to research firm Real Capital Analytics Inc.
Mirae didn’t immediately respond to e-mails sent before regular business hours. Paula Chirhart, a Blackstone spokeswoman, declined to comment.
Blackstone is capitalizing on strong demand for lodging and little new supply in O`ahu, the second-priciest lodging market in the US, after San Francisco. O`ahu room rates averaged $217 a night in January through April, compared with $229 for the San Francisco-San Mateo market, according to lodging-data provider STR.
The Hyatt Regency Waikiki Beach would be the biggest single-property hotel transaction ever in Hawai`i, according to Real Capital. The resort has been running at about 90 percent occupancy this year, with average room rates topping $250 a night, said the person with knowledge of the deal, who asked not to be identified because the sale is private....