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Blackstone Inc. (NYSE:BX) stated that Blackstone Real Estate has agreed to sell Turtle Bay Resort for $725 million.
Turtle Bay Resort has 450 rooms on 1,300 acres along the North Shore of O’ahu and boasts a variety of top-tier amenities. The sale is expected to close in the third quarter of 2024.
Blackstone bought the hotel in 2018 for $332 million and invested significant capital in renovations.
Rob Harper, Head of Blackstone Real Estate Asset Management Americas, said, “This transaction is an excellent outcome for our investors and a testament to Blackstone’s ability, including through the pandemic, to transform iconic, luxury hospitality assets. The team executed an ambitious business plan, investing significant capital to reposition the resort for long-term success while also adding high-quality jobs on the North Shore.”
In a separate transaction, Areté Collective, a vertically integrated development company known for sustainable development practices, disclosed the closing of a transaction to purchase 65 acres of land at Turtle Bay on O‘ahu’s North Shore.
Including both deals, Blackstone expects to generate sale proceeds of $768 million.
Blackstone stock has gained more than 35% in the last 12 months. Investors can gain exposure to the stock via First Trust Growth Strength ETF (NASDAQ:FTGS) and Amplify ETF Trust Amplify AI Powered Equity ETF (NYSE:AIEQ).
Also Read: Blackstone To Grant Equity To Rank-And-File Employees At US Buyouts: Report
Price Action: BX shares are down 3.54% at $116.92 at the last check Wednesday.
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