NEW YORK - Blackstone (NYSE:BX) Real Estate has agreed to sell Turtle Bay Resort on Oahu's North Shore for $725 million, the company announced today. The transaction showcases Blackstone's successful turnaround of the property, which it acquired in 2018 for $332 million, followed by substantial investment in renovations.
The luxury hospitality asset, featuring 450 rooms on 1,300 acres, has undergone extensive refurbishment under Blackstone's ownership. Upgrades included modernizing guestrooms and bungalows, overhauling public spaces such as the lobby, pools, and restaurants, and enhancing the spa and meeting facilities. These improvements were part of an ambitious business plan to reposition the resort for long-term success.
Rob Harper, Head of Blackstone Real Estate Asset Management Americas, highlighted the deal as an "excellent outcome" for investors, crediting Blackstone's ability to transform luxury hospitality assets, even amidst challenges like the pandemic. He also noted the addition of high-quality jobs on the North Shore as a result of the investment.
Blackstone's financial advisors for the sale are Eastdil Secured, Jones Lang LaSalle, and Sumitomo Mitsui (NYSE:SMFG) Banking Corporation (SMBC), with legal counsel provided by Simpson Thacher & Bartlett LLP. The sale is anticipated to close in the third quarter of 2024.
In a related development, Areté Collective, known for its sustainable development practices, has closed on the purchase of 65 acres of land at Turtle Bay. Including this land sale, Blackstone's total sale proceeds from Turtle Bay will amount to $768 million.
Blackstone Real Estate, a division of global investment firm Blackstone, manages $339 billion in investor capital and is the largest commercial real estate owner globally. Its portfolio spans logistics, residential, office, hospitality, and retail sectors.
This news is based on a press release statement and provides an overview of the significant financial transaction involving Blackstone and Turtle Bay Resort.
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