The Blackstone Group LP has agreed to buy the leasehold on the 1,230-room Hyatt Regency Waikiki Beach Resort and Spa for US$450 million.
The hotel is currently owned by a joint venture of Goldman Sachs’ Whitehall real estate fund, which controls 92%, and Hyatt Hotels Corp., Chicago, which controls the remainder. The JV bought the resort out of bankruptcy for US$410 million in 2008.
The sale has not been completed yet and Hyatt Hotels Corp. is planned to stay on as the resort’s manager. Blackstone is expected to invest US$75 million in renovations for the property after completing the purchase.
The resort, located in Honolulu, opened in 1974.