Blackstone Real Estate Partners acquires The Ritz-Carlton, Kapalua

A joint venture among funds managed by the Real Estate Group of Ares Management, SMW Hospitality (a joint venture between affiliates of Square Mile Capital Management and Wafra), and Trinity Real Estate Investments has sold The Ritz-Carlton, Kapalua in Maui, Hawaii, to Blackstone Real Estate Partners.

No financial terms were disclosed.

The joint venture acquired The Ritz-Carlton, Kapalua, a AAA Five Diamond, oceanfront property located on 49 acres of Maui’s lush northwest shore, in 2016. Since then, the joint venture implemented a capital improvement plan to renovate the hotel’s common areas and guest rooms, further enhancing the guest experience.

The 297-key hotel, which includes 107 condos located within a dedicated wing known as the Residences, is part of the 23,000-acre master-planned Kapalua resort on Maui, home to the celebrated Kapalua Wine and Food Festival and the PGA Tour’s Tournament of Champions event. The resort is renowned for its world-clas