A local developer is building deeper ties with the Korean visitor market.
JL Capital has acquired a 40% ownership stake in Tournet Hawai‘i Inc., a travel and transportation agency focused on the Korea-Hawai‘i market, it was announced Tuesday.
Founded in 2000 by David and Mira Jung, Tournet Hawai‘i has offices in Honolulu and Seoul, "and has established itself as the premier inbound travel partner for major Korean tour operators, airlines, entertainment agencies and government delegations," an announcement from JL Capital noted.
“This partnership represents our confidence in the future of Hawaii’s tourism industry and the vital role Korea will play in it,” Tim Lee, CEO of JL Capital, said in the announcement. “With our ownership of the Renaissance Honolulu Hotel & Spa and now this investment in Tournet Hawai‘i, we are creating synergies to better serve the growing Korea-Hawaii travel market.”
JL Capital, a Honolulu-based real estate and private equity firm founded in 2017, is focused on Honolulu's Ala Moana neighborhood.
The company developed Sky Ala Moana, a $507 million mixed-use twin tower condominium and hotel at 1388 Kapi‘olani Blvd. Renaissance Honolulu Hotel & Spa, a Marriott brand, is located in its East Tower.
Underway now is a luxury residential and mixed-use condominium project at 1538 Kapi‘olani Boulevard called Muse Honolulu. Designed by architectural firm Bohlin Cywinski Jackson, its sales gallery opened in April.
JL Capital also recently broke ground on Amana Lofts, an adaptive reuse project that will convert a five-story former office building at 765 Amana St. into 32 studio, 20 one-bedroom and 12 two-bedroom affordable rental apartments. Lee told ASD at the May 30 groundbreaking that a second, a ground-up project at 1564 Kalākaua Ave., is set to get underway in about six months and will create another 37 affordable units.
As for the latest acquisition, Lee told Aloha State Daily in an emailed response to questions that JL Capital has known of Tournet Hawai‘i's "strong reputation in the Korea travel market for some time." Discussions regarding this acquisition began in 2023 and the deal was finalized in late May, he noted.
"Korea is one of the most resilient and rapidly growing international source markets for Hawai‘i," Lee says. "Korean travelers tend to stay longer, spend more, and seek high-quality experiences, making them a strong fit for Hawai‘i’s evolving visitor economy. With the right partnerships and infrastructure, we believe Hawai‘i can become the preferred destination for Korean travelers across leisure, business and group markets."
In the short-term, Lee says the partnership offers direct insight into visitor behavior, preferences and travel patterns, which helps inform how the firm positions its assets like the Renaissance Honolulu Hotel & Spa.
"Over the long term, we see the potential to co-create targeted travel packages, streamline logistics for large groups and even influence airlift and event programming strategies," he continued. "The real synergy comes from aligning Tournet's inbound travel expertise with our hospitality investments and future developments to enhance the visitor experience from arrival to departure."
According to Lee, Tournet Hawai‘i will still be led by the Jungs, who he says "bring decades of trusted relationships and cultural fluency in the Korea-Hawai‘i travel corridor."
"JL Capital's role is not operational, but strategic," he continued. "We'll provide support in areas like long-range planning, business development and hospitality alignment."
You can find more information about Tournet Hawai‘i here.
According to visitor statistics from the state Department of Business, Economic Development & Tourism's data warehouse, there were 155,974 visitor arrivals statewide from the Korea in 2024. From January through April of this year, there have been a little more than 51,000 arrivals from Korea.
Stephanie Salmons can be reached at stephanie@alohastatedaily.com.
