Seoul’s Mirae Asset Global Investments has finalized a deal to buy the Fairmont Orchid Hawaii for $220 million, according to Bloomberg News Service and the Korea Times.

The 538-room Hawaii island hotel last changed hands in 2011 when it was acquired by Los Angles-based Woodbridge Capital Partners and Oaktree Capital Management for an undisclosed amount. Mirae Asset announced its pending acquisition in March.

The property, which is managed by Fairmont Hotels & Resorts, sits on a 30-acre oceanfront parcel on Hawaii island’s Kohala Coast.

Joseph Toy, president and chief executive of Hospitality Advisors LLC, said Korean investors have been active in Hawaii’s visitor industry for some time. One example is Korean Air, which owns the Wai­kiki Resort Hotel, Toy said.

"Korean investors are definitely here. But from a hotel perspective, this is perhaps the largest hotel investment that they’ve made in a long time," he said.

Toy expects to see more Korean investment in Hawaii because of the industry’s high occupancy level, limited inventory and high daily room rates.

"There are some incredibly strong Korean companies with substantial capital looking for property now," he said.