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Blackstone Offloads Turtle Bay Resort in Hawaii for $725M

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Blackstone Offloads Turtle Bay Resort in Hawaii for 5M


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.

SEE ALSO: Developer Hiwin Buys Dance Club Iguana’s Midtown Home to Replace With Residential

The deal will officially close in the third quarter of 2024.

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“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.

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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.



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Boy dies after being struck by vehicle in Hawaii Kai | Honolulu Star-Advertiser

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Boy dies after being struck by vehicle in Hawaii Kai | Honolulu Star-Advertiser


A boy was killed after being struck by a vehicle today in Hawaii Kai, police said.

At about 11:02 a.m., a 37-year-old woman “was attempting to travel northbound” on Kukuau Place when the vehicle hit a boy who was in the road in front of the vehicle, according to a Honolulu Police Department’s Traffic Division news release. The child was taken to a hospital in critical conition where he was pronounced dead.

The driver remained at the scene and was uninjured, police said.

HPD did not release the boy’s age or say whether speed, drugs or alcohol were possible factors in the collision.

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This was Oahu’s ninth fatality in 2026, compared with 15 at the same time last year.




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Pacific leaders gather in Hawaii for business summit – The Garden Island

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Pacific leaders gather in Hawaii for business summit – The Garden Island






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No. 3 Rainbow Warriors continue winning ways against No. 6 BYU | Honolulu Star-Advertiser

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No. 3 Rainbow Warriors continue winning ways against No. 6 BYU | Honolulu Star-Advertiser


The third-ranked Hawaii men’s volleyball team had no problem recording its 11th sweep of the season, handling No. 6 BYU 25-18, 25-21, 25-16 tonight at Bankoh Arena at Stan Sheriff Center.

A crowd of 6,493 watched the Rainbow Warriors (14-1) roll right through the Cougars (13-4) for their 11th straight win.

Louis Sakanoko put down a match-high 15 kills and Adrien Roure added 11 kills in 18 attempts. Roure has hit .500 or better in three of his past four matches.

Junior Tread Rosenthal had a match-high 32 assists and guided Hawaii to a .446 hitting percentage.

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UH hit .500 in the first set, marking the third time in two matches against BYU it hit .500 or better in a set.

Hawaii has won seven of the past eight meetings against the Cougars (13-4), whose only two losses prior to playing UH were in five sets.

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Hawaii has lost six sets all season, with five of those sets going to deuce.

UH returns to the home court next week for matches Wednesday and Friday against No. 7 Pepperdine.




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