Host Hotels & Resorts has entered an agreement to acquire fee simple interest in the 450-room Turtle Bay Resort on the North Shore of Oahu, Hawaii.
The price for the transaction, which includes a 49-acre land parcel entitled for development, is stated by Host Hotels as approximately $680m, net of key money.
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This purchase price allocation is expected to be $630m for the resort and $50m for the land parcel, subject to final appraisal.
Blackstone Real Estate acquired the hotel in 2018 for $332m.
Blackstone estimates that including the recent land sale to Arete and after the closure of the property sale transaction, proceeds generated from the resort sale will touch a total of $768m.
The latest sale is subject to customary closing conditions and is expected to close in late July 2024.
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By GlobalDataUpon closing, Host Hotels intends to transition management to Marriott and rebrand the resort under The Ritz-Carlton brand.
In connection with the rebranding, Marriott has provided key money and favourable modifications to several existing management agreements.
The resort located on 1,180 acres of land features 450 rooms with ocean views, including 42 bungalows with direct beach access, a separate check-in, and a private pool.
Additional amenities include six food and beverage outlets, 18,000ft² of indoor meeting space, a club lounge, seven retail spaces, a spa, a fitness centre, two golf courses, and more.
Turtle Bay Resort underwent a renovation from March 2020 to June 2021.
The renovation included updates to guestrooms and bungalows, the lobby, pools, restaurants, retail, meeting space, building systems, exterior and arrival experience, among others.
Host Hotels & Resorts president and CEO James F Risoleo said, “We are thrilled to enter an agreement to acquire Turtle Bay Resort, which will further expand and diversify our already strong presence in Hawaii.
“In addition, because of the Resort’s recent transformational renovation, we do not expect meaningful capital expenditures in the near term. We look forward to working with employees and local partners to build upon the resort’s preeminent position on the North Shore of Oahu.”
Earlier this month, Host Hotels & Resorts acquired a two-hotel complex in Nashville for nearly $530m in cash.
