Advised Mirae Asset Global Investments in the acquisition of The Fairmont Orchid, Hawaii
2015.05.18.
Yulchon"s Real Estate & Construction Group advised Mirae Asset Global Investments in connection with its acquisition of The Fairmont Orchid, a world-renowned hotel located in Waimea, Hawaii. The hotel was acquired via a subsidiary of a U.S. REIT that was established by a Korean real estate fund managed by Mirae Asset Global Investments. The transaction was successfully finalized in May of 2015.
The Real Estate & Construction Group provided comprehensive advice throughout the transaction, which required complex structuring in order to comply with both U.S. and Korean tax law as well as the Capital Market and Financial Investment Act of Korea. The transaction required the establishment and participation of a taxable REIT subsidiary in order to accomplish the tax objectives of the U.S. REIT and the transaction as a whole.
The Real Estate & Construction Group reviewed all related transactions and financing contracts and due diligence reports, negotiated with the existing hotel manager, and coordinated with local counsel in with regards to the permit transfer process.
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