Hawaii
Blackstone Offloads Turtle Bay Resort in Hawaii for $725M
Blackstone (BX) is selling Turtle Bay Resort on the north shore of Oahu, Hawaii, for $725 million — double what it paid for in 2018.
Host Hotels & Resorts bought the 450-room resort on 1,300 acres and plans to rebrand it as a Ritz-Carlton. The deal comes six years after Blackstone put down $332 million in acquiring the property, according to attorneys for both the buyers and the sellers.
The deal will officially close in the third quarter of 2024.
“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,” Rob Harper, head of real estate asset management for Blackstone in the Americas, said in a statement.
While Harper said the real estate leviathan had spent money repositioning the resort over its time owning it, Blackstone declined further comment regarding how much was invested in renovations.
The renovations included a facelift to guest rooms, bungalows, the lobby, pools, restaurants, retail spaces, meeting space, the spa, a club lounge, building systems and the exterior, according to Host Hotels & Resorts.
“Oahu is a high-demand leisure destination with consistently high occupancy, an internationally diverse demand base, and high barriers to entry, resulting in slightly negative supply growth historically and essentially no anticipated near-term supply,” James Risoleo, CEO of Host, said in a statement. “In addition, because of the Resort’s recent transformational renovation, we do not expect meaningful capital expenditures in the near term.”
Eastdil Secured, JLL (JLL) and Sumitomo Mitsui Banking acted as brokers and financial advisers while Simpson Thacher & Bartlett provided legal counsel for Blackstone and announced the deal. It’s unclear who brokered the deal on behalf of the buyer.
The transaction included a 49-acre parcel that can be developed into another resort amenity. Host paid $50 million for the parcel.
Host projects that the resort will generate $980 in revenue per available room, a metric known as RevPAR in the hotel industry.
Mark Hallum can be reached at mhallum@commercialobserver.com.
Hawaii
With jolly festivities in full swing, how are you celebrating the holidays? Share your photos!
HONOLULU (HawaiiNewsNow) – With family and friends celebrating the holidays, Hawaii News Now wants to see how you are making the most of the jolly festivities.
From house decorations and shining lights to unwrapping presents and spending time with loved ones, share your photos by submitting them below!
Copyright 2024 Hawaii News Now. All rights reserved.
WAIMEA (HawaiiNewsNow) – Federal investigators are looking into what caused a plane to crash on Hawaii Island Monday.
The National Transportation Safety Board confirms it is looking into what caused a Cessna to go down at Parker Ranch in Waimea shortly before noon.
Investigators said preliminary information indicated the plane experienced a loss of engine power.
A witness said two people walked away from the aircraft on their own. No one was hurt.
Copyright 2024 Hawaii News Now. All rights reserved.
‘Twas the night before Christmas, when all through the house, not a creature was stirring … and the only sports on TV was the Hawaii Bowl on ESPN.
The Christmas Eve game pitting South Florida (6-6) against San Jose State (7-5) didn’t bring the same energy as a major bowl, but when you’re the only live major sporting event on U.S. TV, fans will take notice.
On social media, the matchup generated surprising buzz for a minor bowl game.
People treating the Hawaii bowl tonight like it’s the Super Bowl
— Zlatni Topki (@ZlatniTopki) December 24, 2024
Out in Honolulu, ESPN had play-by-play announcer Tiffany Greene and color analyst Jay Walker on the game, and the pair, who have worked together for years, made the most of their moment in the spotlight.
Greene, who was the first African-American woman to serve as a play-by-play commentator for college football on a major network, had the opportunity to call some big plays, including this kickoff return touchdown by South Florida’s Ta’Ron Keith.
Tiffany Green was VERY amped up about this kick return touchdown and later replay of the big play from USF returner Ta’Ron Keith. pic.twitter.com/FkHDlaYBPK
— Awful Announcing (@awfulannouncing) December 25, 2024
And here’s Greene on a big interception early in the game.
USF forces an interception that would later result in points and a 14-0 lead over San Jose State.
Tiffany Greene and Jay Walker on the call of the Hawai’i Bowl on ESPN. pic.twitter.com/eMyo4aHsXn
— Awful Announcing (@awfulannouncing) December 25, 2024
Unfortunately, everything did not go smoothly for Greene and Walker. Of particular concern, Walker’s audio sounded consistently muddy, as if he were doing the broadcast remotely.
Are they actually there? Her co host literally sounds like he’s on a zoom call
— HuskerJim (@jimtheplumber63) December 25, 2024
Others on social media were even less charitable in their comments on the announcers.
This is a horrible announcing crew. This is not a high profile game, but as the only one on Cmas Eve, likely with a decent audience of folks looking for distractions, why this crew & not a better one? Why not put these guys on one of the midday workday games with less eyes/ears?
— Justin Firesheets (@JFiresheets) December 25, 2024
Yet some fans were left wanting to hear more of Greene and Walker in the future.
Tiffany is awesome! She has the spunk of Gus & a little of Beth Mowins when she announces CFB👍
— Herbie Garcia (@herbieg55) December 25, 2024
[ESPN]
Next Weather Forecast 12-25-24
St. Anthony's Foundation serves Christmas Day meals in San Francisco
Here is everything you need to know for Sunday’s Cowboys and Eagles game
Warehouse on fire in Miami
Archbishop Richard Henning leads first Christmas Mass in Boston – Boston News, Weather, Sports | WHDH 7News
Colorado Rockies game no. 116 thread: Zac Gallen vs José Ureña
Why Marjorie Taylor Greene was ‘kicked out’ of the Freedom Caucus according to Rep. Buck
See it: Tesla crashes into Columbus convention center at 70 mph
Fox News Politics: Georgia the whole day through
Death of missing Oregon girl found in stream ruled homicide
Marjorie Taylor Greene wants death penalty for migrant who allegedly set woman on fire on subway: 'Finish him'
Who is Europe's top investor in space in 2023?
American Airlines lifts ground stop that froze Christmas Eve travelers
It's official: Biden signs new law, designates bald eagle as 'national bird'
Passenger plane crashes in Kazakhstan: Emergencies ministry
-
/cdn.vox-cdn.com/uploads/chorus_asset/file/24924653/236780_Google_AntiTrust_Trial_Custom_Art_CVirginia__0003_1.png "Google’s counteroffer to the government trying to break it up is unbundling Android apps")
Technology5 days agoGoogle’s counteroffer to the government trying to break it up is unbundling Android apps
-
News6 days agoNovo Nordisk shares tumble as weight-loss drug trial data disappoints
-
Politics6 days agoIllegal immigrant sexually abused child in the U.S. after being removed from the country five times
-
Entertainment6 days ago'It's a little holiday gift': Inside the Weeknd's free Santa Monica show for his biggest fans
-
Lifestyle6 days agoThink you can't dance? Get up and try these tips in our comic. We dare you!
-
Technology1 week agoFox News AI Newsletter: OpenAI responds to Elon Musk's lawsuit
-
/cdn.vox-cdn.com/uploads/chorus_asset/file/25672934/Metaphor_Key_Art_Horizontal.png "There’s a reason Metaphor: ReFantanzio’s battle music sounds as cool as it does")
Technology1 day agoThere’s a reason Metaphor: ReFantanzio’s battle music sounds as cool as it does
-
News2 days agoFrance’s new premier selects Eric Lombard as finance minister