Oahu’s Turtle Bay Resort will soon be a Ritz-Carlton
American investment management company Blackstone is selling Oahu’s Turtle Bay Resort for $725 million, more than double its $332 million purchase price in 2018. Unlike the 2018 transaction, however, the iconic North Shore resort’s change of ownership reportedly comes with a rebranding.
Host Hotels & Resorts announced in a May 29 press release that it’s flagging the property with the Ritz-Carlton brand once the purchase closes. HHR didn’t announce any material changes to the existing resort, pointing to Blackstone’s renovations at Turtle Bay during the 2020 COVID-19 pandemic. HHR says those renovations included ” 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.”
Along with the 450-room resort on 1,300 acres and Turtle Bay’s two golf courses, the purchase also included a 49-acre parcel that will be developed into another resort amenity. They purchased it for $50 million.
“Because of the Resort’s recent transformational renovation, we do not expect meaningful capital expenditures in the near term. We look forward to working with employees and local partners to build upon the Resort’s preeminent position on the North Shore of Oahu,” said James F. Risoleo, President and Chief Executive Officer.
Turtle Bay has long been a staple in every surfer’s winter pilgrimage to the North Shore. It’s been a longtime host venue for events like the SURFER Poll Awards and WSL awards. And as the only resort in the area, the restaurants golf courses, bars, and oceanside pool have made it a de facto social hub just a short drive from the Seven Mile Miracle.
