What's Going On With Blackstone Stock Today?

Zinger Key Points
  • Blackstone sells Turtle Bay Resort for $725M, with the sale expected to close in Q3 2024.
  • Including a separate 65-acre land sale to Areté Collective, Blackstone anticipates total proceeds of $768M.

Blackstone Inc. BX stated that Blackstone Real Estate has agreed to sell Turtle Bay Resort for $725 million.

Turtle Bay Resort has 450 rooms on 1,300 acres along the North Shore of O’ahu and boasts a variety of top-tier amenities. The sale is expected to close in the third quarter of 2024.

Blackstone bought the hotel in 2018 for $332 million and invested significant capital in renovations.

Rob Harper, Head of Blackstone Real Estate Asset Management Americas, said, “This transaction is an excellent outcome for our investors and a testament to Blackstone’s ability, including through the pandemic, to transform iconic, luxury hospitality assets. The team executed an ambitious business plan, investing significant capital to reposition the resort for long-term success while also adding high-quality jobs on the North Shore.”

In a separate transaction, Areté Collective, a vertically integrated development company known for sustainable development practices, disclosed the closing of a transaction to purchase 65 acres of land at Turtle Bay on O‘ahu’s North Shore.

Including both deals, Blackstone expects to generate sale proceeds of $768 million.

Blackstone stock has gained more than 35% in the last 12 months. Investors can gain exposure to the stock via First Trust Growth Strength ETF FTGS and Amplify ETF Trust Amplify AI Powered Equity ETF AIEQ.

Also Read: Blackstone To Grant Equity To Rank-And-File Employees At US Buyouts: Report

Price Action: BX shares are down 3.54% at $116.92 at the last check Wednesday.

Image via Shutterstock

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