Turtle Bay Resort North Shore Oahu soon a Hyatt, Marriott or Hilton?
Turtle Bay Resort on the Hawaiian Island of Oahu has a unique location. It’s the only resort on Oahu’s Northshore, famous in the winter for the best surfing spots in the world, and white sandy beaches all year around. The Northshore of Oahu hasn’t changed a lot in the last 30 years. There are many new restaurants, lunch wagons including famous shrimp eateries, home of shaved ice, but no hotels. The luxury Turtle Bay Resort is the only game in town and has it all: Beautiful golf courses, horseback riding, a heliport, sheltered beaches, famous restaurants, rooms and villas, a spa, gym, conference facilities, jogging, surfing, watersports, a wedding chapel – it’s the perfect Hawaiian vacation spot.
Blackstone is a real-estate investment firm with offices in New York and London. According to their website, they seek to create positive economic impact and long-term value for their investors, the companies they invest in, and the communities in which they work. The firm was founded in 1985 by Stephen A. Schwarzman, Chairman and Chief Executive Officer, and Peter G. Peterson, who retired as Senior Chairman in 2008.
As reported today by the Honolulu Star-Advertiser, this group has made a deal to buy Turtle Bay Resort for $330 Million.
In Hawaii Blackstone acquired the Hyatt Regency Waikiki in 2013 for $445 million and last year sold it for $780 million after spending roughly $100 million upgrades. Blackstone was also involved in deals at the Hilton Hawaiian Village, the Waikoloa Beach Marriott, and Wailea Marriott Hotel. Blackstone has $111 billion in assets and generated $6.5 billion in revenue this year alone.
eTN reached out to Turtle Bay Resort but was unable to speak to anyone.