Activity in Hawaii's real-estate market is picking up, driven by a recovery of the state's tourism industry, analysts say. "What's driving Hawaii now, particularly Oahu, is the resurgence of the Japanese market -- there was a lot of pent-up demand after the tsunami -- and substantial growth in Chinese and Korean numbers because of the increase in wealth in those regions," said Joseph Toy, Hospitality Advisors' president, referring to the devastating 2011 tsunami off Japan. The new deals include a $1.85 billion loan by Goldman Sachs for a five-resort portfolio that includes Westin's Moana Surfrider in Honolulu and the Sheraton Waikiki.

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