Turtle Bay Resort on the North Shore of Oʻahu is changing owners again and will be rebranded as a Ritz-Carlton.
Blackstone Real Estate bought Turtle Bay in 2018 for $332 million. Last Wednesday, Blackstone announced it sold Turtle Bay for $725 million, doubling its money in six years.
Blackstone invested an undisclosed amount of money to upgrade the resort during the pandemic.
The Maryland-based Host Hotels & Resorts confirmed it bought the 450-room resort and a land parcel. Host owns almost 80 hotels.
"The 49-acre oceanfront Land Parcel is entitled for development, and similar to the Company’s strategy at other properties, Host intends to enhance its value over the long term," the company said in a press release.
Host said it intends to transition management to Marriott and flag the hotel with the Ritz-Carlton brand. Blackstone said the deal is expected to close this summer.
In a separate deal, the Utah-based developer Areté Collective is buying 65 acres of land at Turtle Bay, adding $43 million to Blackstone's profit.
"We are excited to design communities that honor the area's natural beauty and are consistent with the existing entitlements and agreements, including the historic conservation easement that preserves more than 75% of Turtle Bay as open space in perpetuity," said Areté CEO Rebecca Buchan in a statement.
