JLL’s Hotels & Hospitality Group has arranged a $136 million refinancing for the Fairmont Orchid, a 540-key resort located on Hawaii’s Big Island. The financing was secured on behalf of Mirae Asset Global Investments Co., Ltd., the property’s owner, through New York Life Real Estate Investors.
“We are pleased to have closed the financing of the Fairmont Orchid, a premier luxury full-service resort,” said James Nearon, senior director of NYLREI’s West Coast originations team. “This transaction underscores New York Life Real Estate Investors’ capability to structure and execute financing solutions on high-quality hospitality assets. The strong sponsorship of Mirae Asset Global Investments and attractive market fundamentals made this a compelling opportunity that fits nicely within our broader lending strategy.”
The five-year, fixed-rate loan supports Mirae Asset’s continued investment in the oceanfront resort. Located within the 3,200-acre Mauna Lani Resort, the property features a white sand beach on Pauoa Bay, a 10,000-square-foot pool, a full-service spa, retail outlets, a fitness center, ten tennis courts and seven dining venues. It is also situated less than 30 minutes from Kona International Airport and near attractions such as Akaka Falls, Mauna Loa Forest Reserve and Hawaii Volcanoes National Park.
Mirae Asset is currently executing a $110 million, multi-year renovation at the Fairmont Orchid. Phase 1 is expected to be completed this year.
“The Fairmont Orchid’s prime oceanfront location, strong cash flow and recent renovations generated significant lender interest,” said Kevin Davis, Americas CEO of JLL Hotels & Hospitality. “The financing terms secured not only reflect confidence in the asset but also in the continued strength and resilience of Hawaii’s luxury hospitality sector.”
