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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Host expects the resort will be one of its top assets based on estimated full year 2024 results with an expected RevPAR of $570, Total RevPAR of $980, and EBITDA per key of $86,000. After ramping up from the recent renovation and the rebranding, the REIT expects the resort to stabilize between approximately 10-12x EBITDA in the 2027-2029 timeframe.
The sale is expected to close in the third quarter of 2024.
At closing, Host intends to transition management to Marriott and flag the hotel with The Ritz-Carlton brand.
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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.
