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.

 

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 The 1,230-room property on the Hawaiian island of Oahu 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 Hawaii and the Fairmont San Francisco, according to research firm Real Capital Analytics Inc.

shutterstock_71006383The Hyatt Regency Waikiki Beach would be the biggest single-property hotel transaction ever in Hawaii, 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.

Blackstone, based in New York, bought the Hyatt Regency Waikiki Beach for about $450 million in 2013 and spent about $100 million to upgrade the rooms and retail at the property. The firm bought the hotel from the Whitehall real estate funds unit of Goldman Sachs Group Inc., with a small stake sold by Hyatt Hotels Corp. Blackstone plans to return the proceeds from the sale to investors rather than recycling it into new hotel purchases, the person said.

 

(http://www.bloomberg.com/news/articles/2016-06-08/blackstone-said-to-have-over-200-million-profit-in-hawaii-deal)

 

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