Private equity giant Blackstone Group LP is acquiring The Ritz-Carlton Kapalua hotel in West Maui, Hawaii, for an undisclosed sum, Pacific Business News reported.
A joint venture between funds managed by the real estate group of Ares Management LP, SMW Hospitality LLC and Honolulu-based Trinity Investments LLC previously acquired the 297-room hotel in November 2016 for $210 million, according to the report. A multimillion-dollar revamp of the property was completed in January.
Blackstone is understood to have recently registered the Bre RC Maui Kapalua LLC business in Hawaii for the purchase, the publication said, adding that a spokesperson for the group declined to comment on the deal.
The private equity firm has invested upward of $1.6 billion in the Hawaii real estate market since late 2017, according to the report. This includes its $1.1 billion purchase of the Grand Wailea luxury resort in Maui and its acquisition of the Turtle Bay Resort on Hawaii's Oahu island.