MAUI, HI—Sunstone has entered into a definitive agreement to acquire the fee-simple interest in the 544-room Wailea Beach Marriott Resort & Spa for $325.7 million (or around $598,600 per key).
The sale price represents a 5.2% cap rate.
Sunstone is purchasing the hotel from Blackstone in an off-market transaction involving cash and stock issuance. Sunstone expects to spend an additional $65 million in order to complete upgrades to the hotel's public space.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
