Safehold to Acquire $195M Ground Lease for Hawaii Resort
Separately, the company has finalized a joint venture agreement to acquire 425 Park Avenue, growing its portfolio to $1.9 billion.
NEW YORK–Safehold Inc. has agreed to purchase the existing ground lease for the Alohilani Resort in Waikiki Beach for $195 million. The transaction is Safehold’s first investment in Hawaii.
The company has additionally entered a 55/45 joint venture agreement with a sovereign wealth fund, to acquire the ground lease for 425 Park Avenue in New York. Following the acquisition, Safehold’s 55% investment interest will total $340 million.
Upon the closing of both ground lease acquisitions, Safehold’s portfolio will grow to $1.9 billion.
Safehold Inc., which is taxed as a REIT, is managed by its largest shareholder, iStar Inc.