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
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
