Maryland-headquartered Host Hotels & Resorts — owner of Hawaii’s Fairmont Kea Lani, Andaz Maui, Hyatt Regency Maui Resort and Hyatt Place Waikiki Beach — has agreed to purchase the 1,180-acre, 450-room Turtle Bay Resort. It plans to rebrand the recently renovated North Shore hotel as a Ritz-Carlton, with corresponding lofty room rates, after the deal closes in late July.

The sale proves investors see profitable prospects in upscale hotels across Hawaii. Current owner Blackstone Real Estate Asset Management stated the sale price was $725 million, with a separate 65-acre parcel sold for $43 million; Blackstone bought the property for $332.5 million in 2018.