Blackstone Real Estate is selling the Turtle Bay Resort for $725m (€670.6m), more than twice the $332m it paid for the Hawaii hotel 2018.
Blackstone said it “invested significant capital in renovations” following the acquisition six years ago.
Turtle Bay Resort currently boasts 450 rooms on 1,300 acres along the North Shore of O’ahu.
Rob Harper, the head of Blackstone Real Estate Asset Management Americas, said: “This transaction is an excellent outcome for our investors and a testament to Blackstone’s ability, including through the pandemic, to transform iconic, luxury hospitality assets.
“The team executed an ambitious business plan, investing significant capital to reposition the resort for long-term success while also adding high-quality jobs on the North Shore.”
In a separate transaction, Blackstone said Areté Collective, a development company, has acquired 65 acres of land at Turtle Bay on O‘ahu’s North Shore.
Inclusive of the recent land sale to Arete and following the close of the property sale transaction, sale proceeds generated on the hotel by Blackstone will total $768m, Blackstone said.
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