Maryland-based firm to buy Turtle Bay Resort for $680M
CINDY ELLEN RUSSELL / 2021
Pictured is an overall view of the Turtle Bay Resort.
A Maryland-based lodging and real estate investment firm announced today that it has entered into an agreement to acquire the fee-simple interest in the 450-room Turtle Bay Resort and nearby land for $680 million.
Host Hotels & Resorts Inc. said the purchase is expected to close in late July, at which time it will transition management to Marriott and flag the hotel with the Ritz-Carlton brand.
The deal includes a 49-acre parcel “entitled for development,” the company said in a news release. The purchase price is $630 million for the resort and $50 million for the parcel, company officials said.
Current owner Blackstone Group bought the resort in 2017 for an estimated $330 million. During the pandemic, the resort underwent a comprehensive renovation and was closed from March 2020 to June 2021.
In today’s announcement, James F. Risoleo, Host’s president, CEO and director, said the Bethesda, Md., company was “thrilled” with the acquisition of Turtle Bay Resort.
“We look forward to working with employees and local partners to build upon the Resort’s preeminent position on the North Shore of Oahu,” Risoleo said. “With the planned Ritz-Carlton rebranding, we believe the Resort will generate out-sized growth as it stabilizes” from the renovation closure.”
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The resort sits on 1,180 acres on the North Shore with five miles of beach and coastline views. It features 450 rooms, all with ocean views, including 42 bungalows with direct beach access, a separate check-in, and a private pool. Other amenities include 18,000 square feet of indoor meeting space, a club lounge, six food and beverage outlets, seven retail spaces, a spa, a fitness center, two golf courses, seven beaches, four resort pools, tennis and pickleball courts, an equestrian center, a working farm and access to 12 miles of oceanfront trails.
Calling itself the nation’s largest lodging and real estate investment trust, Host Hotels & Resorts Inc. is an S&P 500 company and one of the largest owners of luxury and upper-upscale hotels. The company said it owns 74 properties in the United States and five properties internationally for a total of 42,700 rooms.
