by Lacey Pfalz
Last updated: 8:40 AM ET, Fri May 31, 2024
Oahu’s Turtle Bay Resort, which has been an iconic filming location for over 150 films and TV series, is on its way to becoming a Ritz-Carlton hotel following announcement of a purchase agreement selling the hotel for $725 million, expected to be finalized in July.
According to SFGATE, part of Hearst Communications Inc., the previous owners were Blackstone Real Estate, who are selling the resort to Host Hotels & Resorts, the nation’s largest lodging real estate investment trust.
Host’s press release announcing the purchase also states the 450-room resort underwent a current renovation of its rooms and bungalows, along with some of its public areas, during the COVID-19 pandemic. It expects to transition the resort’s management to Marriott and place it under the luxury Ritz-Carlton brand.
The Turtle Bay Resort has been featured in several films and TV shows, including “Forgetting Sarah Marshall,” “The Hunger Games: Catching Fire,” “Lost,” “Pirates of the Caribbean: On Stranger Tides,” and more.
“We are thrilled to enter into an agreement to acquire Turtle Bay Resort, which will further expand and diversify our already strong presence in Hawaii,” said Host’s President and Chief Executive Officer, James F. Risoleo. “Oahu is a high demand leisure destination with consistently high occupancy, an internationally diverse demand base, and high barriers to entry, resulting in slightly negative supply growth historically and essentially no anticipated near-term supply.”
“In addition, because of the Resort’s recent transformational renovation, we do not expect meaningful capital expenditures in the near term,” continued Risoleo. “We look forward to working with employees and local partners to build upon the Resort’s preeminent position on the North Shore of Oahu. With the planned Ritz-Carlton rebranding, we believe the Resort will generate outsized growth as it stabilizes, further elevating the EBITDA growth profile of our portfolio.”
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