07:50 AM EDT, 05/29/2024 (MT Newswires) -- Blackstone (BX) said Wednesday that its real estate unit has sold 450-room Turtle Bay Resort in a $725 million deal.

The sale is set to be completed in Q3, the company said.

Blackstone said it has also completed the sale of 65 acres of land at Turtle Bay on O'ahu's North Shore to Arete Collective, recording total sale proceeds of $768 million together with the sale of the hotel.

Blackstone bought Turtle Bay Resort in 2018 for $332 million and invested "significant capital" in renovations, the company said.

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