이 누리집은 대한민국 공식 전자정부 누리집입니다.

한상넷

비즈니스 정보

Biz News Korea(Eng)

JB Asset Management invests $40mn in Waikiki Pacific Beach Hotel

Collected: 2016.06.30

Distributed: 2016.07.01

Source: Go Direct

[Wakiki Pacific Beach Hotel]

South Korea’s JB Asset Management Co. invested 46.5 billion won ($40 million) in a refurbishment project of Wakiki Pacific Beach Hotel.

The purchase was made through a real estate fund it established with local institutional investors based on advice from Hyundai Securities Co, the financial and investment banking industry said on Wednesday.

The asset management unit of JB Financial Group has become the first Korean company to invest in a property in Hawaii’s O’ahu island, an unnamed official from the company said.

The real estate fund was created to invest in a Mezzanine debt backed by the hotel. The investment’s target return rate is 7 percent per annum with a five-year maturity.

Mezzanine bonds are popular among local institutional investors these days as an option to invest in overseas properties as they generate higher return than senior debt and yet less risky than equity investment.

The investment is expected to generate a stable return, according to market observers. The hotel is located in Waikiki beach front, one of the most famous vacation spots in the world, and boasted 90 percent occupancy rate for the last three years. It has 839 rooms and commands area of 802,556 square feet.

By Ko Min-suh

Read in Korean

List

Previous: Samsung Electronics develops technology in miniaturizing 5G equipment and devices

Next: BlackRock lists ETF tracking Kospi200 index in Hong Kong