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Blackstone confirms hotel purchase

KAILUA-KONA — Blackstone Group, which last year agreed to buy Maui’s Grand Wailea for a reported $1.1 billion, said Thursday that it has acquired the Courtyard by Marriott King Kamehameha’s Kona Beach Hotel.

Terms of the sale weren’t disclosed, but a spokesperson for the New York company confirmed the transaction in a statement Thursday afternoon.

“We are excited to add the The Courtyard King Kamehameha Kona hotel to our growing portfolio across the Hawaiian Islands,” said the spokesperson. “This investment is a continuation of our commitment to Hawaii and we are proud to be the new stewards of this unique hotel with a rich history.”

News of the transaction came earlier this week when Holliday Fenoglio Fowler, L.P., the firm that brokered the sale, announced that the 452-room hotel had been sold by Pacifica Hotels.

A spokesperson for Holliday Fenoglio Fowler, L.P., said the sale was for the leasehold interest in the property, including the buildings, parking and other facilities. The fee interest in the land wasn’t sold and remains under separate ownership.

Pacifica will continue as the hotel manager, and no changes are planned with regards to staffing or branding, according to Blackstone. Pacifica hasn’t provided comment on the transaction.

Bloomberg reported in January of last year that Blackstone Group agreed to buy Grand Wailea on Maui for about $1.1 billion from GIC Pte, Singapore’s sovereign wealth fund.

Later in the year, a Blackstone affiliate bought the Ritz-Carlton Kapalua, also on Maui. An Associated Press report from the time said terms of that deal were not disclosed.

Pacifica, headquartered in California, bought what was then the King Kamehameha’s Kona Beach Hotel in 2007, according to news files. It was announced in 2011 that the property would start carrying the Courtyard by Marriott brand.
Source: Hawaii Tribune Herald

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