Oaktree Capital sells Hawaii's Fairmont Orchid for $200M

The Fairmont Orchid hotel on the Big Island of Hawaii has been sold to South Korea-based Mirae Asset, one of Asia’s largest independent financial services firms, for $200.3 million, according to public documents obtained by Pacific Business News. Mirae Asset formed Maps Orchid Hotel LLC for the ownership of the hotel, and the sale reportedly closed on Friday.

Oaktree Capital Management LP and an affiliate of Woodbridge Capital Partners LLC, the sellers, purchased the 538-room luxury oceanfront hotel on 32.6 acres along the Kohala Coast in 2011, and Westbrook Partners, which bought the hotel for $250 million from Fairmont Hotels & Resorts Inc. in 2005, turned it over to lender Barclays Capital in a deed in lieu of foreclosure two years ago. The property’s deed said that the buyer has paid a conveyance tax of about $2 million as part of the sale.