https://www.hoteldive.com/news/host-acquires-turtle-bay-resort-blackstone/717489/#
Quote:
Host Hotels buys Hawaii's Turtle Bay Resort for $725M
Host Hotels & Resorts has agreed to acquire Turtle Bay Resort on Oahu, Hawaii, from Blackstone Real Estate for $680 million, net of key money, or $725 million overall, the real estate investment firms shared in separate announcements Wednesday.
As part of the acquisition, Maryland-based Host also purchased a 49-acre land parcel entitled for development, worth some $50 million of the total sale price.
Upon closing, Host plans to transition management to Marriott to rebrand the resort under The Ritz-Carlton flag.
Turtle Bay underwent a "transformative" renovation while closed from March 2020 to June 2021, according to Host. The revamp touched guest rooms and bungalows, pools, the spa and restaurants, as well as lobby, retail and meeting space. Additional updates were made to the exterior and arrival space and included the addition of a new club lounge.
According to Host, the 450-room resort is expected to become one of its top assets "before taking into account the significant upside that is expected from The Ritz-Carlton branding."
