Transactions - MAY 29, 2024

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Blackstone Real Estate sells Turtle Bay Resort for $725m

by Andrea Zander

Blackstone Real Estate has reached an agreement to sell Turtle Bay Resort, on the North Shore of Oahu, Hawaii, for $725 million, to Host Hotels & Resorts.

Blackstone purchased the hotel in 2018 for $332 million and invested significant capital in renovations.

With 450 rooms on 1,300 acres along the North Shore of Oahu, Turtle Bay Resort is one of the area’s largest employers and boasts a variety of top-tier amenities. The resort recently benefitted from a transformative renovation and was closed from March of 2020 to June of 2021. The renovation included the guestrooms and bungalows, lobby, pools, restaurants, retail, meeting space, spa, a new club lounge, building systems, as well as an updated exterior and arrival experience. It is being acquired fully unencumbered of brand and management, and at closing, Host intends to transition management to Marriott and flag the hotel with The Ritz-Carlton brand. In connection with the rebranding, Marriott provided key mon

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