South Korea-based Mirae Asset has purchased the Fairmont Orchid, Hawaii hotel in Waikoloa, but with the management of the business slated to remain the same, the public might not know the difference.
South Korea-based Mirae Asset has purchased the Fairmont Orchid, Hawaii hotel in Waikoloa, but with the management of the business slated to remain the same, the public might not know the difference.
Staffing, programs and the general look of the 538-room luxury resort will remain status quo, said Jaisy Jardine, the hotel’s director of public relations.
The company was unwilling to disclose the details of the transaction; however, Pacific Business News reported the sale closed in mid-May for $200.3 million.
“Fairmont will continue to manage the property under a long-term management contract and we look forward to welcoming guests for the distinctive experience they are accustomed to at the Fairmont Orchid, Hawaii,” Jardine said. “The hotel will continue to be a valued member of the Fairmont Hotels &Resorts portfolio, with all the services, amenities and programs that this entails.”
Cassie Nam, a spokeswoman for Mirae, said the investment company has been trying to find a way into the Hawaii market for some time because of the state’s positioning, reputation and stability as a destination and growing demand from regions all around the Pacific.
“Specifically, Mirae believes the Big Island has not fully realized its potential and Fairmont is well positioned in the market to fully benefit if such potential is realized,” Nam said in an email.
Mirae manages $70 billion in assets and bills itself as one of the world’s most prominent emerging market investors, with offices in 12 countries.
Email Bret Yager at byager@westhawaiitoday.com.