{"id":1004071865,"date":"2013-04-28T20:48:32","date_gmt":"2013-04-29T04:48:32","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=121646"},"modified":"2020-05-18T16:29:36","modified_gmt":"2020-05-19T00:29:36","slug":"blackstone-to-acquire-hyatt-regency-waikiki","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/blackstone-to-acquire-hyatt-regency-waikiki\/","title":{"rendered":"Blackstone to Acquire Hyatt Regency Waikiki"},"content":{"rendered":"

<\/p>\n

<\/p>\n

\"\"<\/a>By Adriana Pop, Associate Editor <\/span><\/em><\/p>\n

The Blackstone Group has agreed to purchase the leasehold interest in the 1,230-room Hyatt Regency Waikiki Beach Resort and Spa in Honolulu. <\/span><\/p>\n

According to <\/span>Real Estate Alert<\/span><\/em><\/a>, the property\u2019s current owner \u2013 a joint venture comprising Goldman Sachs\u2019 Whitehall Street Real Estate Fund and Hyatt Hotels Corp. \u2013 is selling the hotel for approximately $450 million, or $366,000 per room. Eastdil Secured is brokering the transaction on behalf of the seller. <\/span><\/span><\/p>\n

When completed, the transaction will be the second-largest hotel sale in the U.S. since the market downturn; it follows the 2011 sale of the Manchester Grand Hyatt San Diego for $570 million. Blackstone is planning a $75 million renovation of the property. Hyatt will continue to manage the hotel, which will remain under its flag.<\/p>\n

The property comprises two high-rises. Amenities include an outdoor swimming pool, wellness facilities, a gym, a well-equipped business center, as well as restaurants and bars.<\/span><\/p>\n

Located at 2424 Kalakaua Ave., the Hyatt Regency Waikiki Beach opened in 1974. In 2008, Whitehall and Hyatt formed a joint venture to purchase the hotel out of bankruptcy from Japanese firm Azabu Buildings.<\/span>Whitehall\u2019s interest was 92 percent, while Hyatt owned the remaining stake. <\/span><\/p>\n

In other news, local developer MW\u2008Group Ltd. has broken ground on a $46 million assisted-living rental apartment complex in Pearl City. The Pacific Business News<\/a><\/em> reports that the rental complex, known as The Plaza at Pearl City, will offer 159 units. The project is expected to open in 2014 and create about 400 construction jobs and 100 permanent jobs.<\/span> MW Group is also considering a second phase of development, which would include 60 <\/span>memory-care<\/span> units.<\/span><\/p>\n

Photo credits: https:\/\/hyattregency-waikikibeach.h-rez.com<\/em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The Blackstone Group has agreed to purchase the leasehold interest in the 1,230-room Hyatt Regency Waikiki Beach Resort and Spa in Honolulu.
\nAccording to the Real Estate Alert, the property’s current owner – a joint venture comprised of Goldman Sachs’ Whitehall Street Real Estate Fund and the Hyatt Hotels Corporation – is selling the hotel for approximately $450 million, or $366,000\/room. Eastdil Secured is brokering the transaction on behalf of the seller.<\/p>\n","protected":false},"author":1269,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1588,21742],"tags":[1815],"class_list":["post-1004071865","post","type-post","status-publish","format-standard","hentry","category-honolulu","category-latest","tag-national"],"acf":[],"yoast_head":"\nBlackstone to Acquire Hyatt Regency Waikiki - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-acquire-hyatt-regency-waikiki\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blackstone to Acquire Hyatt Regency Waikiki\" \/>\n<meta property=\"og:description\" content=\"The Blackstone Group has agreed to purchase the leasehold interest in the 1,230-room Hyatt Regency Waikiki Beach Resort and Spa in Honolulu. According to the Real Estate Alert, the property’s current owner – a joint venture comprised of Goldman Sachs’ Whitehall Street Real Estate Fund and the Hyatt Hotels Corporation – is selling the hotel for approximately $450 million, or $366,000\/room. 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