Blackstone Real Estate has reached an agreement to sell Turtle Bay Resort, along with a 49-acre land parcel entitled for development, for $725 million. The purchase price allocation is expected to be $630 million for the resort and $50 million for the land parcel, subject to final appraisal.
The buyer is Host Hotels & Resorts.
Blackstone purchased the hotel in 2018 for $332 million and subsequently invested significant capital in renovations, including the guestrooms and bungalows, lobby, pools, restaurants, retail, meeting space, spa, a new club lounge, building systems, as well as an updated exterior and arrival experience.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
