Post by Logan on Jun 8, 2016 0:46:07 GMT -6
Blackstone Group LP has reached an agreement to sell the leasehold interests in the Hyatt Regency Waikiki Beach Resort & Spa for $800 million to Mirae Asset Global Investments, according to sources close to the deal.
Mirae is paying about $650,000 per room. While that price is not a record, it represents one of the more significant leasehold sales for the market both in terms of price and positioning, said Joseph Toy, president and CEO of Hospitality Advisors LLC. When the Hyatt Regency Waikiki was built in 1976 for $100 million by celebrated developer Christopher Hemmeter, it launched the concept of the opulent mega-resort in Hawaii.
Toy said the largest recent transaction on a so-called per-room-key basis was in 2014 when the Kahala Hotel & Resort was sold to Japan-based Resorttrust Inc. for about $300 million or $887,000 per room key.
“There have been a few other deals in the $700,000 per-key range,” Toy said. “But I’d say Blackstone and the broker are pretty happy.”
Read more: www.staradvertiser.com/business/business-breaking/blackstone-selling-waikiki-resort-for-800m/
Mirae is paying about $650,000 per room. While that price is not a record, it represents one of the more significant leasehold sales for the market both in terms of price and positioning, said Joseph Toy, president and CEO of Hospitality Advisors LLC. When the Hyatt Regency Waikiki was built in 1976 for $100 million by celebrated developer Christopher Hemmeter, it launched the concept of the opulent mega-resort in Hawaii.
Toy said the largest recent transaction on a so-called per-room-key basis was in 2014 when the Kahala Hotel & Resort was sold to Japan-based Resorttrust Inc. for about $300 million or $887,000 per room key.
“There have been a few other deals in the $700,000 per-key range,” Toy said. “But I’d say Blackstone and the broker are pretty happy.”
Read more: www.staradvertiser.com/business/business-breaking/blackstone-selling-waikiki-resort-for-800m/