By: Sara Michaels
It was recently reported that Blackstone is buying the Grand Wailea resort on Maui for 1.1 billion dollars. Blackstone is set to buy the hotel from GIC, which is Singapore’s sovereign wealth fund. The purchase of the property has yet to be made public, so much of the details of the detail are unannounced. However, if the deal goes through, it would be the second-largest hotel deal for a U.S property in history.
The Grand Wailea is a 40 acre and 780-room resort that is currently managed by Hilton. Located on Maui’s southwest shore, the hotel has three restaurants, a spa, nine pools, a 2,000-foot-long river, 11 tennis courts and more.
Along with purchasing the Grand Wailea resort, Blackstone is set to purchase the Turtle Bay resort on Oahu’s North Shore for $330 million. According to the Hotel Management magazine, these two new acquisitions would mark Blackstone’s return to the real estate market in Hawaii, which ended two years ago after the company sold the Hyatt Regency Waikiki Beach Resort.