California-based Sunstone Hotel Investors has announced plans to purchase the 544-room Wailea Beach Marriott Resort & Spa on Maui from an affiliate of Blackstone Real Estate for $325.7 million.
Sunstone expects to finalize the deal in the third quarter of this year and begin a $65 million renovation at the property next year that likely will continue into 2016. The work will be aimed primarily at upgrading the 22-acre resort’s public spaces.
The hotel is the first Hawaii property in the Sunstone portfolio of more than 30 hotels and 14,000 guestrooms.
Marriott International will continue to oversee daily operations at the Wailea resort.