Sunstone Hotel Investors, a real estate investment firm, has entered into a definitive agreement to acquire the 544-room Wailea Beach Marriott Resort and Spa, for $325.7m.
The hotel is located on 22 fee-simple acres in Maui, Hawaii. It offers 45,000ft² of meeting facilities, featuring three ballrooms, 21 meeting rooms and significant outdoor oceanfront space that may be entitled for future development.
Sunstone Hotel CEO Ken Cruse said: "We are pleased to announce our planned acquisition of the 544-room Wailea Beach Marriott Resort and Spa, our first acquisition in the strong Hawaiian market.
"This acquisition fits squarely within our strategy of increasing our portfolio quality and scale while improving our financial flexibility.
"While the hotel currently produces superior RevPAR relative to our portfolio average, we believe the hotel’s market penetration, cash flows and long-term value will materially benefit from our asset management process and a carefully planned and executed repositioning programme.
"Accordingly, we intend to optimise the hotel’s 22-acre footprint within this exceptional market by creating a more well-defined, cohesive destination resort experience."
Sunstone believes that Wailea is one of the most attractive and supply-constrained leisure and group destinations in the US.
The transaction, subject to the satisfactory completion of customary closing procedures, is expected to close in the third quarter.
Upon closing the acquisition, Sunstone will own 14 unencumbered hotels valued at more than $1.5bn.
Sunstone’s hotels are operated under nationally recognised brands, such as Marriott, Hilton, Fairmont, Hyatt and Sheraton.