Blackstone Real Estate announced that it has reached an agreement to sell Turtle Bay Resort for $725M, Blackstone purchased the hotel in 2018 for $332M and subsequently invested significant capital in renovations….The sale is expected to close in the third quarter of 2024. In a separate transaction, Arete Collective, a vertically integrated development company known for sustainable development practices that prioritize climate resilience, announced the closing of a transaction to purchase 65 acres of land at Turtle Bay on O’ahu’s North Shore. Inclusive of the recent land sale to Arete and following the close of the property sale transaction, sale proceeds generated on the hotel by Blackstone will total $768M.
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