Outrigger
selling 2 resorts
Outrigger Enterprises Inc. has agreed to sell its Waikoloa Beach Marriott and Wailea Marriott resorts to affiliates of Blackstone Real Estate Advisors of New York for an undisclosed price.
A hotel deal
Blackstone Real Estate Advisors is buying 2 Outrigger properties:>> Wailea Marriott, Maui, 521-room hotel on 22 acres
>> Waikoloa Beach Marriott, Big Island, 545-room hotel on 16 acres
The Wailea Marriott is a 521-room hotel on 22 beachfront acres in the Wailea Resort on Maui. The Waikoloa Beach Marriott is a 545-room hotel that sits on 16 oceanfront acres on the shore of Anaehoomalu Bay on the Big Island's Kohala Coast.
Blackstone plans to renovate both properties soon, said Jonathan Gray, the company's senior managing director.
Both hotels, which have been operated by Outrigger through a franchise agreement with Marriott International, will continue to be affiliated with Marriott International after Blackstone's acquisition. The sale is expected to close as early as July 30, said David Carey, chief executive of Outrigger Enterprises.
"This is very good news for Outrigger and for the employees who have helped us transform these properties into world-class assets," said Carey. "Outrigger will use a portion of the proceeds from the sale to finance our future growth in Hawaii and throughout the Pacific."
Under various management contracts and its two hotel brands, Outrigger Hotels & Resorts and Ohana Hotels & Resorts, the company operates or has under development 51 hotels and resorts throughout the Pacific region, Carey said.
Blackstone, a private investment firm, is most recently known in Hawaii for having sold the Hyatt Regency Maui for $321 million in cash last year to Host Marriott Corp. The company owns the Marriott Grosvenor Square Hotel in London, the Westin St. Francis in San Francisco and the Hyatt Capitol Hill in Washington, D.C.
Outrigger could not comment on what will happen to employees at the two hotels.
Blackstone Real Estate Advisors
www.blackstone.com/real_estate
Outrigger Hotels & Resorts
www.outrigger.com
