Blackstone Real Estate Agrees to Sell Turtle Bay Resort in Kahuku, Hawaii for $725M

by Jeff Shaw

KAHUKU, HAWAII — Blackstone Real Estate has agreed to sell Turtle Bay Resort, a 450-room hotel in Kahuku on Hawaii’s Oahu island, to Host Hotels & Resorts Inc. for $725 million. The deal included the hotel property, as well as a 49-acre parcel that is entitled for further development.

Turtle Bay Resort is situated on 1,300 acres along the north shore of Oahu. The resort offers bungalows, suites, guest rooms and three- or four-bedroom villas. Rooms feature private bathrooms, complimentary Wi-Fi, air conditioning, coffee makers and refrigerators.

Blackstone originally acquired Turtle Bay Resort in 2018 for $332 million and subsequently renovated the property. Capital improvements to the hotel included updates to the guestrooms, bungalows, lobby, pools, meeting space, spa, building systems, exterior, arrival experience and club lounge. The restaurants and retail space on the property also received renovations.

Blackstone expects to complete the sale in the third quarter of this year. Simpson Thacher & Bartlett LLP is serving as Blackstone’s legal counsel. Eastdil Secured, Jones Lang LaSalle and Sumitomo Mitsui Banking Corp. are acting as Blackstone’s financial advisors.

In a separate deal completed earlier this year, Blackstone sold 65 acres of land at Turtle Bay to Areté Collective. The land sale combined with the sale of the hotel by Blackstone total $768 million.

— Channing Hamilton

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