Outrigger Hospitality Group is expected to close on the purchase of the 509-key Sheraton Kona Resort & Spa at Keauhou Bay, on the island of Hawaii, in mid-April. It will be rebranded as an Outrigger resort.

Outrigger Hospitality Group CEO Jeff Wagoner said the investment in the oceanfront property and convention facility is part of the company's strategy to expand its presence both in Hawaii and around the globe. The resort, he said, will undergo "property modernization" following the acquisition.

The announcement comes shortly after the Waikiki Beachcomber on Oahu underwent an extensive refresh and the company acquired the rental program at Honua Kai Resort & Spa on Maui.

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