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Blackstone acquires Ritz-Carlton Kapalua hotel

Blackstone Group LP acquired the Ritz-Carlton Kapalua hotel in Maui, Hawaii, for an undisclosed amount.

The seller was a joint venture between the real estate group of Ares Management LP, Trinity Investments LLC and SMW Hospitality LLC, which is a joint venture between affiliates of Square Mile Capital Management LLC and Wafra Inc.

The sale will be made effective through Blackstone Real Estate Partners.

The 49-acre oceanfront property has 297 hotel rooms, as well as 107 condominium units in an exclusive Residences area.