The Blackstone Group is increasing its Hawaii hotel portfolio with the $450 million purchase of the 1,230-room Hyatt Regency Waikiki Beach Resort and Spa, according to a report in Real Estate Alert?s online industry newsletter.
The New York-based investment fund is buying the leasehold interest in the hotel from Goldman Sachs? (NYSE: GS) Whitehall Street Real Estate Funds, which partnered with Hyatt Hotels Corp. (NYSE: H) to?buy the Waikiki hotel?from its bankrupt Japanese owners in 2008 for $410 million. Eastdil Secured represented the sellers.
Blackstone (NYSE: BX) also plans to spend $75 million to renovate the property, which will remain under the Hyatt flag and continue to be managed by the Chicago-based hotel company.
Click here to read more.
Source: Duane Shimogawa (2013). EReport: Blackstone adding Hyatt Regency Waikiki to its Hawaii portfolio, Pacific Business News?http://www.bizjournals.com/pacific/news/2013/04/17/report-blackstone-adding-hyatt.html?published Apr 17, 2013. Viewed Apr 19, 2013,