A Korean asset manager is in talks to buy the leasehold interest in the Hyatt Regency Waikiki Beach Resort &Spa, one of Waikiki’s landmark Kalakaua Avenue properties.

Blackstone Group LP has notified Unite Here Local 5, the union that represents the property’s 500 hotel workers, that it intends to sell the Hyatt to Seoul-based Mirae Asset Global Investments.

“I think the purchase is well along, but we know that it’s still at least 30 days out because they haven’t provided the required assurances,” said Eric Gill, Unite Here Local 5 financial secretary-treasurer. “Our contract requires that they assume our contract before the sale goes through.”

If the sale goes through, it would make Mirae Hawaii’s largest Korean hotel investor, said Joseph Toy, president and CEO of hotel consultancy Hospitality Advisors LLC. Toy said Mirae spent $220 million to acquire the 540-room Fairmont Orchid Hotel in May 2015 and would surely pay more than the $445 million that Blackstone spent to acquire the Hyatt Regency Waikiki in 2013.

“With this hotel sale, which is likely to be one of the largest of the year, Mirae will easily have more than $700 million invested in Hawaii hotels,” Toy said. “The Hyatt Regency Waikiki purchase would … give Mirae the largest hotel portfolio in Hawaii for a Korean investor.”

Toy said he expects the sale will add additional value to the 1,230-room Hyatt Regency Waikiki, which has been undergoing a $100 million renovation under Blackstone. While retail redevelopment appears to have stopped to accommodate the pending sale, Toy said he’s confident that Mirae will provide “good stewardship” for the asset.

“Mirae is a highly respected company. They have a very strong portfolio. They are a very astute, sophisticated company,” he said. “They would be a great owner for the Hawaii market.”

According to Mirae’s website, the company was founded in 1997 in the wake of the Asian currency crisis. Today the company has an on-the-ground presence in 12 countries across five continents. The company said it provides clients with “insightful financial strategies and consistent performance” through its diversified product offering.

Also, among the company’s U.S. holdings is the 599-room Fairmont San Francisco Hotel, which it bought for $450 million in November. Since 2011 the firm has further diversified its real estate portfolio to hotels, including the 317-room Four Seasons Hotel Seoul, 531-room Four Seasons Hotel Sydney and 282-room Courtyard by Marriott Seoul Pangyo.

Gill said Unite Here started to get to know Mirae only since the company’s San Francisco hotel purchase. So far, he said there’s no indication that the company intends to dispute union contract preservation.

“A change in ownership always raises eyebrows about what the new owner’s policies will be, but any changes would have to be made in the context of a new contract,” he said. “In this case, nobody is hiding the ball from us. They appear to be doing everything that they are supposed to be doing. I see no reason why my members have to be concerned with this sale.”

Another unknown is what type of reinvestment Mirae will make in the Hyatt. While Mirae is still consolidating ownership at the Fairmont Orchid, Toy said it has been taking its time, carefully planning for the future.

“That’s what you want to see from a hotel owner coming into the market, especially with trophy properties like these two,” he said.

At the Hyatt in particular, Toy said the company will find “a lot of options are open to them to create additional value.”

When the Hyatt Regency Waikiki was built in 1976 for $100 million by celebrated developer Christopher Hemmeter, it launched the concept of the opulent mega-resort in Hawaii. While renovations at the resort remained constant, Blackstone’s investment represented the first major overhaul in decades.

“Blackstone is a U.S. mainland investor, so they’re known to be flippers. They buy, improve and sell,” said Stephany Sofos, a Waikiki-based real estate analyst.

“Historically, what we’ve seen in Waikiki is that Asian investors seem to want to hold onto their investments longer, especially if they’ve got a good income-producing property,” she added.

While no details about the impending sale have been made public, Toy said he expects that Mirae will have Hyatt continue as the property’s hotel manager.

“Hyatt has done well with the asset. Given that Starwood and Marriott have merged and Hilton has a big block of rooms, I would think they would keep Hyatt, whose only other presence is Hyatt Place,” Toy said.

Hyatt declined the Honolulu Star-Advertiser’s request for comment. Blackstone and Mirae did not immediately respond to the Star-Advertiser.