Blackstone Real Estate, affiliated to Blackstone, Inc. (BX), announced Wednesday that it has reached an agreement to sell Turtle Bay Resort for $725 million.
The sale is expected to close in the third quarter of 2024.
The company purchased the hotel in 2018 for $332 million and subsequently invested significant capital in renovations. It has 450 rooms on 1,300 acres along the North Shore of O'ahu.
Under Blackstone's ownership, the Resort recently benefitted from a transformative renovation, with 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.
In a separate transaction, Aret Collective, a vertically integrated development company, announced the closing of a transaction to purchase 65 acres of land at Turtle Bay on O'ahu's North Shore.
The sale proceeds generated on the hotel by Blackstone will total $768 million including the recent land sale to Arete and following the close of the property sale transaction.
Eastdil Secured, Jones Lang LaSalle and Sumitomo Mitsui Banking Corp. are acting as Blackstone's financial advisors.
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