Blackstone Sells Waikoloa Beach Marriott Resort
- Feb 09, 2015
A new owner has emerged for Waikoloa Beach Marriott, a 555-key resort hotel located on the shore of Anaeho’omalu Bay, on the Big Island’s Kohala Coast.
In a joint venture partnership called SMG Hotel Waikoloa LLC, Colorado developer Silverwest Hotel Partners, private equity firm Mariner Real Estate Management and an affiliate of Global Endowment Management have purchased the 16-acre property from a Blackstone affiliate for an undisclosed amount.
A paradise in the true Hawaiian style, Waikoloa Beach Marriott is one of only a few resort hotels on the Kohala Coast. It offers guests a variety of amenities, including a full-service spa, a fitness center, a swimming pool, a meeting event space, outdoor venues and access to two golf courses.
Marriott International will continue to manage the property, according to Silverwest co-founder & managing partner Edward Mace. “The addition of this asset is part of a new joint venture with Mariner and GEM. It is a solid brand in a unique location on fee-simple oceanfront land in one of the great destinations of the world. The Big Island is recovering nicely, and we look forward to a long and successful relationship with the property,” he added.
Edward Mace has a long history with Hawaii. He also led the acquisition of the Fairmont Kea Lani on Maui as vice chairman of Fairmont Hotels & Resorts in 2001 and has advised a number of investors and private equity firms who have been involved in Hawaii resort transactions over the past eight years.
Silverwest Hotel Partners currently has two Colorado hotel projects underway, a 113-room Element by Westin in Basalt and an 88-room Hampton Inn and Suites in Silverthorne. Both properties are scheduled to open for the 2015-16 ski season.
Photo credit: www.marriott.com