Blackstone Group LP, the world’s largest hotel owner, agreed to buy the leasehold on the Hyatt Regency Waikiki Beach Resort and Spa for $450 million and plans to remodel the Hawaiian property, which includes a shopping mall, said a person with knowledge of the transaction.
On Jan. 28 1998, when mammoth swells closed Oahu’s North Shore beaches, Ken Bradshaw defiantly took his WaveRunner a few miles offshore to a reef where the biggest waves were breaking. IMAX was filming “Extreme” via helicopter, and he wanted to be in it.
Hawaii, buffeted in the aftermath of the U.S. recession and Japan’s tsunami, is benefiting from a travel rebound that’s sent tourism revenue to a record and spurred real estate investments across the islands.
Blackstone Group LP agreed to buy a shopping mall in Hawaii with Glimcher Realty Trust and a stake in a warehouse venture with ProLogis for a combined $859 million, said two people with knowledge of the deals.