[THE INVESTOR] JB Asset Management said on June 30 that it invested 46.5 billion won (US$40 million) in a project involving the renovation of the Pacific Beach Hotel in Hawaii.
Located on Waikiki beach in Honolulu, the hotel features 839 rooms with nearly 90 percent of occupancy rate over the past three years.
JB Asset Management expects to gain an annual return of 7 percent from the 5-year investment.
The South Korean management firm raised capital by forming a real estate fund in which a handful of local institutional investors such as insurance firms and mutual aids took part in.
By Park Han-na (
hnpark@heraldcorp.com)
