Blackstone Real Estate has agreed to sell Turtle Bay Resort for $725m. After paying $332m to buy the hotel in 2018, Blackstone made large remodelling investments to the location.
Nestled on 1,300 acres on O’ahu’s North Shore, Turtle Bay Resort is home to 450 rooms and offers a range of luxurious amenities, making it one of the region’s significant employers.
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The Resort, which is owned by Blackstone, underwent a complete refurbishment that included new club lounge, building systems, lobby, restaurants, retail, spa, guestrooms and bungalows, pools, restaurants, meeting spaces, and arrival experience.
The deal is scheduled to finalise in the third quarter of 2024.
Moreover, in a separate agreement, Areté Collective, a vertically integrated growth corporation known for sustainable development strategies that prioritise climate resilience, announced the completion of a purchase of 65 acres of land near Turtle Bay on O’ahu’s north shore.
With the latest land sale to Arete taken into account, Blackstone will have made $768m from the sale of the hotel after the closing of the property sale deal.
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By GlobalDataBlackstone’s legal counsel is Simpson Thacher & Bartlett, while its financial advisers are Eastdil Secured, Jones Lang LaSalle, and Sumitomo Mitsui Banking Corporation (SMBC).
Rob Harper, head of Blackstone Real Estate Asset Management Americas, stated: “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.”
Furthermore, earlier this month, Blackstone Growth and affiliated funds signed an official contract to acquire a controlling share in Priority Software, a provider of mission-critical business software.
Blackstone’s funding will help to strengthen the company’s positioning at the forefront of the ERP software market and support future expansion across sectors and markets.
Priority Software offers mission-critical business applications and ERP solutions for retail, hospitality, and education.
