Hyundai arm raises $79m for Blackstone-backed hotel

South Korean savings funds and insurance companies are providing capital for the investment vehicle.

Hyundai Investment, the investment arm of Hyundai Marine & Merchant Insurance, has raised a real estate fund of 93 billion won ($79 million; €74 million) to invest in the Cosmopolitan of Las Vegas hotel, The Korea Economic Daily reported.

The fund will invest in mezzanine debt issued by Blackstone Group, the owner of the property, to refinance the resort.