Mirae Asset to Sell Waikiki Hyatt Regency Resort as It Shifts Capital to Crypto and Global Bets
Creatrip Team
2 months ago
Mirae Asset Financial Group is selling the Hyatt Regency Waikiki Beach Resort & Spa in Oahu, Hawaii, for about KRW 1 trillion (USD 680 million) as part of a move to liquidate non-core overseas real estate and redirect funds into virtual assets (crypto) and other global investments. Mirae Asset Asset Management is in final negotiations with a global asset manager to sell the landmark 1,230-room, two-tower hotel; JLL led the sale process with local and Korean law firms advising. Mirae Asset originally bought the property in 2016 from Blackstone for roughly USD 780 million and held it in a US real estate fund. The hotel’s book value on Mirae Asset Securities’ fund fell after COVID-19, but recovering tourism and currency moves have pushed the expected sale price near KRW 1 trillion. The sale fits a broader group strategy to trim overseas real estate holdings accumulated since 2013 and to accelerate investment in the crypto ecosystem and large global opportunities (e.g., SpaceX), including moves into domestic crypto exchange ownership and partnerships with fintech players.
