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Thursday, April 18, 2013

Waikiki Real Estate – Blackstone Group to Buy Leasehold Interest in Hyatt Regency Waikiki Beach Resort and Spa


The Blackstone Group Limited Partnership has announced that they will be purchasing the leasehold interest of the Hyatt Regency Waikiki Beach Resort and Spa for $450 million.  While the transaction is still pending, Blackstone has stated that they hope to record the change of ownership by July.  The plan is to then spend an additional $80 million to upgrade the 1,230-room property.
General Manager of the Hyatt Regency Waikiki Beach Resort & Spa, Jerry Westenhaver, stated that he could not confirm nor deny any ownership changes.  However, Westenhaver believed that the Hyatt would continue to manage the property.  Westernhaver commented, “We have a long-term contract and we’ll be here way past the time that you and I are living for sure.  We’ve talked to staff and made them aware that Hyatt is not going anywhere.”  The Hyatt Regency Waikiki Beach Resort & Spa has had an 89.1 percent occupancy rate during the first two months of 2013 and had an average daily rate of $208.83 during that time.
Source: Honolulu Star Advertiser, 4-18-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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