Turtle Bay Resort on the Hawaiian island of Oahu has a unique location. It’s the only resort on Oahu’s North Shore, famous in the winter for the best surfing spots in the world, and white sandy beaches all year round. The North Shore of Oahu hasn’t changed a lot in the last 30 years. There are many new restaurants, lunch wagons, famous shrimp eateries, shaved ice shops, but no resorts. There is a Courtyard by Marriott Oahu North Shore in Laie, however, it is a hotel, not a resort. 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 US$330 million.
In Hawaii, Blackstone acquired the Hyatt Regency Waikiki in 2013 for US$445 million and last year sold it for US$780 million after spending roughly US$100 million in upgrades. Blackstone was also involved to participate in deals at the Hilton Hawaiian Village, the Waikoloa Beach Marriott, and Wailea Marriott Hotel. Blackstone has US$111 billion in assets and generated US$6.5 billion in revenue this year alone.
eTN reached out to Turtle Bay Resort but was unable to speak to anyone.