WAIKOLOA, HI—Silverwest Hotel Partners has acquired Waikoloa Beach Marriott from an affiliate of Blackstone for an undisclosed price. The Waikoloa Beach Marriott is a 555-room resort hotel that sits on 16 oceanfront acres on the shore of Anaeho`omalu Bay, on the Big Island's Kohala Coast.

“We are very excited to have acquired this outstanding hotel. It is one of only a few resort hotels on the Kohala Coast,” said Edward Mace, a co-founder and managing partner of Silverwest Hotel Partners. “The resort has outstanding features and amenities including its location next to The Kings & Queens Villages and access to two golf courses of Waikoloa. Our plans include a continued relationship with Marriott International and the terrific team of associates already in place at the hotel.”

Silverwest, a Denver-based firm, is acquiring the hotel on behalf of SMG I Hotel Waikoloa LLC in a joint venture with Mariner Real Estate Management and an affiliate of Global Endowment Management (GEM).

Mace is the chief executive officer of the new venture and has had a long history with Hawaii. He led the acquisition of the Fairmont Kea Lani on Maui as vice chairman of Fairmont Hotels & Resorts in 2001. He has been an advisor to a number of investors and private equity firms who have been involved in Hawaii resort transactions over the past eight years.

“The addition of this asset is part of a new joint venture with Mariner and GEM. It is a solid brand in a unique location on fee simple oceanfront land in one of the great destinations of the world. The Big Island is recovering nicely, and we look forward to a long and successful relationship with the property,” Mace said.

Silverwest Hotel Partners currently has two Colorado hotel projects underway: a 113-room Element by Westin in Basalt, and an 88-room Hampton Inn and Suites in Silverthorne. Construction of both hotels began in October 2014 and both hotels are set to open for the 2015-16 ski season.