New York-based Blackstone has struck a deal to purchase the Kahuku, Hawaii property, and employees say changes are already being made. The 1,300-acre property includes undeveloped land with entitlements to build an additional 725 homes and hotel units.
New York-based real estate investment firm Blackstone has struck a $330 million deal to buy the Turtle Bay Resort in Kahuku, Hawaii, the Honolulu-based Hawaii News Now reported.
Turtle Bay would not confirm or deny the sale, but employees said they were told last week that the deal will close in mid-December. And changes, they said, are already being made, Now reported.
“They started last Monday about the training, about the orientation, and they are updating their files for the new ownership,” said Paquito Campano, housekeeping supervisor.
Campano and his coworkers are very familiar with Blackstone’s reputation in Hawaii because the company also owns the Hilton Hawaiian Village. He said they are looking forward to the improvements the new owners will bring, Now reported.
“Us workers, we are very much positive because we know who Blackstone is. We are always looking forward to the changes for the better,” said Campano.
There are between 300 and 400 union members working at Turtle Bay and they will all be able to keep their jobs, said Gemma Weinstein, President of Union Local 5. “We’re OK right now because we have a contract,” said Weinstein. “Our contract expires next year, so we’re OK. We’ve had a good contract for the past five years.”
The 1,300-acre Turtle Bay site includes the 450-room resort, two golf courses, and farmland, as well as undeveloped land that the hotel has entitlements to build an additional 725 homes and hotel units, Now reported.
“It’s really important that Turtle Bay be appropriately sized and designed so that it fits in with our rural community,” said State Sen. Gil Riviere.
Under the outgoing owners, the resort reached conservation agreements with the government and community that ensures more than 1,000 acres of land will be protected from development in perpetuity, Now reported.
“We’re hoping that they will appreciate, understand, and willingly implement the conservation easement as its structured to protect Kawela Bay, Kahuku Point, and to really respect the community and keep the place on a good track,” Riviere said.
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