Blackstone Real Estate has announced the sale of Turtle Bay Resort in Hawaii for $725 million to an undisclosed buyer. Additionally, a separate transaction was closed with Areté Collective for a 65-acre land sale at Turtle Bay.
The asset management giant acquired the 450-key hotel on 1,300 acres along O’ahu’s North Shore in 2018 from a consortium including Credit Suisse and Wells Fargo for $332 million. Blackstone made significant investments in renovations following the purchase.
Head of Blackstone Real Estate Asset Management Americas, Rob Harper stated that this deal is a testament to their ability to transform iconic luxury hospitality assets even during times of crisis such as the pandemic. The team successfully executed an ambitious business plan by investing substantial capital into repositioning the resort and creating high-quality jobs on North Shore.
The total proceeds generated from both transactions amount to $768 million. Eastdil Secured, JLL and Sumitomo Mitsui Banking Corporation are serving as financial advisors while Simpson Thacher & Bartlett LLP is acting as legal counsel for Blackstone. The expected closing date is set for third quarter.
