Mirae Asset Global Investments, a major South Korean asset management firm, has successfully completed a $136 million refinancing deal for the Fairmont Orchid, a premier five-star resort located on Hawaii’s Big Island.
According to industry sources on June 4, the refinancing was arranged by New York Life Real Estate Investors (NYLREI), which facilitated the debt placement.
Mirae Asset, which acquired the Fairmont Orchid in 2015 for $220 million, now sees the property valued at approximately $380 million. The firm is currently investing $110 million into a multi-phase renovation, with the first phase set for completion later this year.
NYLREI stated, “We are pleased to close the financing for the Fairmont Orchid. Mirae Asset’s strong backing and the compelling outlook of the hospitality market present an attractive opportunity that aligns with our lending strategy.”
JLL, which brokered the refinancing, noted that the property’s prime beachfront location, strong cash flow, and ongoing renovations attracted robust interest from lenders.
