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Mirae Asset to acquire Hawaii hotel

All News 09:48 June 08, 2016

SEOUL, June 8 (Yonhap) -- Mirae Asset Financial Group, South Korea's asset managing giant, will acquire a hotel in Hawaii for US$780 million in a business diversification strategy, people familiar with the matter said Wednesday.

Mirae Asset Global Investments Co., a major unit of the country's biggest asset management company by funds under its management, has recently signed to take over a whole 100 percent stake in the Hyatt Regency Waikiki Beach Resort and Spa from the U.S.-based private equity fund Blackstone Group, a person with direct knowledge of the deal said by phone.

"Mirae Asset has invested in overseas assets such as buildings and hotels to secure a variety of growth drivers while focusing on its mainstay asset management business," the person said, asking not to be identified.

The company declined to comment on the deal.

Last year, the company bought an entire 100 percent stake in Fairmont Orchid Hotels & Resorts in Hawaii for 240 billion won (US$207 million) and a whole 100 percent stake in another similar hotel in San Francisco for 520 billion won, he said.

Mirae Asset has invested a total of 4.5 trillion won since 2006 to diversify its assets overseas, according to a company spokesman.

kyongae.choi@yna.co.kr
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