Mirae Asset Global Investments is buying a luxury resort hotel in Hawaii for $220 million.
The Seoul-based emerging market specialist signed an agreement to purchase the Fairmont Orchid, Hawaii with Oaktree Capital Management and Woodridge Capital Partners, which jointly own the luxury resort hotel. Both Oaktree and Woodridge are based in Los Angeles.
"We signed an (agreement) to buy the hotel. It may take one or two months to complete the deal," said a high-ranking official of the company.
The purchase is coming two years after Mirae Asset bought the Four Seasons Hotel in Sydney for 300 million Australian dollars.
The official said that the company bought the hotels as more and more Chinese tourists are expected to take overseas vacations.
"Chinese tourists like beautiful places, such as Hawaii and Australia. We invest in hotels in the regions, expecting more revenue to come from there."
The Fairmont Orchid, Hawaii is a 540-room property operated by Fairmont Hotels & Resorts, a Canada-based global hotel chain. Fairmont sold the Hawaii branch to Oaktree and Woodridge in 2011 for an undisclosed price.