Owners of the Turtle Bay Resort on the North Shore of Oahu, Hawaii have agreed to sell the property for approximately US$680 million to Host Hotels & Resorts.The 450-room resort will swap hands from Blackstone Real Estate to Host Hotels & Resorts by late July 2024, and will operate as a Ritz-Carlton resort.Turtle Bay Resort recently benefitted from a transformative renovation and was closed from March of 2020 to June of 2021. The renovation included the guestrooms and bungalows, lobby, pools, restaurants, retail, meeting space, spa, a new club lounge, building systems, as well as an updated exterior and arrival experience.
Once the agreement is finalised, Host intends to transition management to Marriott and flag the hotel with The Ritz-Carlton brand.“We are thrilled to enter into an agreement to acquire Turtle Bay Resort, which will further expand and diversify our already strong presence in Hawaii,” remarked James F. Risoleo, President and Chief Executive Officer of 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. In addition, because of the Resort’s recent transformational renovation, we do not expect meaningful capital expenditures in the near term,” Risoleo said.
“We look forward to working with employees and local partners to build upon the Resort’s preeminent position on the North Shore of Oahu.”The Resort is situated in a unique location on 477-hectares on the North Shore of Oahu 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 a club lounge, six food and beverage outlets, seven retail spaces, a spa, fitness centre, two golf courses, seven beaches, four resort pools, tennis and pickle ball courts, an equestrian centre, a working farm, and access to 12 miles of oceanfront trails.
