Sunstone, a real estate investment trust, has announced that they have agreed to purchase the 544-room Wailea Beach Marriott Resort & Spa on the island of Maui for $325.7 million. The company added that they plan to invest about $65 million to upgrade the property over the next two years, which will hopefully allow them to raise the hotel's average daily rate. Evan Pahaski, Sunstone's vice president of corporate transactions, stated, "Sunstone has been looking in Hawaii for quite some time. It's a great market with a lot of different demand generators in leisure and group. South Maui, specifically Wailea, has always been a prominent resort address on Maui." Ken Cruse, the CEO for Sunstone, added, "Wailea is one of the most attractive and supply-constrained leisure and group destinations in the United States."
Source: Honolulu Star Advertiser, 6-20-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
