Blackstone buying Maui resort in $1.1B megadeal

The purchase would be the second largest of its kind ever

TRD LOS ANGELES /
Jan.January 10, 2018 01:30 PM
Grand Wailea and Blackstone’s Jonathan Grey (Credit: GrandWailea and Wikimedia Commons)

The shopping spree isn’t over yet.

Blackstone Group agreed to pay $1.1 billion to acquire the Grand Wailea resort in the Hawaiian island of Maui in what appears to be the second largest deal for a single hotel. The seller was GIC Pte, a Singapore sovereign wealth fund, Bloomberg reported.

GIC first acquired the Waldorf Astoria-branded hotel in March 2013 for $774 million, Real Capital Analytics records show.

Spanning 40 acres, the Wailea resort includes 780 rooms, three restaurants, multiple swimming pools and a spa. The four-star hotel is currently managed by the Hilton.

The deal comes on the heels of another massive billion-dollar purchase. Blackstone, America’s largest private landlord, paid Cabot Properties $1.8 billion for a 22 million-square-foot industrial portfolio just last month. Prior to that, the firm dropped $500 million to acquire a 4 million-square-foot industrial portfolio on the West Coast.  [Bloomberg] — Natalie Hoberman


Related Articles

arrow_forward_ios

Here’s why landlords don’t hate California’s rent control bill

Blackstone CEO Stephen Schwarzman and TruAmerica CEO Robert Hart

Blackstone digs deeper into SoCal with massive rental portfolio buy

From left: Saeed Nourmand, Michael Nourmand, Grant King and Richard Heyman

Relevant Group sues Nourmand & Associates’ founder, alleging extortion over hotel projects

Centennial founder and CEO Steven Levin with a rendering of the project

Centennial Real Estate approved for sprawling $300M mixed-use village

Apartment complex at 1435 Stanley Avenue and Raintree Partners CEO Jeffrey Allen (Credit: Apartment Finder)

Raintree Partners spends $79M on Glendale multifamily portfolio

LA Mayor Eric Garcetti

Down goes Measure EE: Property tax referendum routed at polls

CIM Group Founders, Shaul Kuba, Richard Ressler, and Avi Shemesh and 4750 Wilshire Boulevard (Credit: Google Maps)

CIM Group lists part of its Miracle Mile office campus

Arman Gabay and The Springs shopping center in Palm Springs, part of the 14-property portfolio

Charles Co. secures $215M refi for retail portfolio

arrow_forward_ios