Host Hotels & Resorts, the largest hotel real estate investment trust in the United States, announced on May 29 the purchase of Turtle Bay Resort, in Oahu, Hawaii. According to the press release sent by the hotel chain, the agreement will close in the range of $680 million for the facilities and a 49-hectare plot of land for future expansion, and would become final at the end of July 2024.

The resort is known for hosting top surfers such as Kelly Slater and John John Florence, for being the setting for Kalani Robb’s legendary cameo in “How to Get Over Your Ex?” (2008) and for being Hawaii’s most iconic hotel.

Spread across 1180 hectares of the North Shore of Oahu, it has 450 rooms, 42 bungalows, four swimming pools, two golf courses, a gym, a restaurant and a spa, among other facilities.

The purchase would be for $630 million for Turtle Bay, plus $50 million for the land that will be used for the expansion. With the purchase and expansion, the resort is expected to become one of the company's main assets for increasing its profits in the long term. The company plans to transfer management to Marriott, and transform the hotel into The Ritz-Carlton brand.

“We are excited to enter into an agreement to acquire Turtle Bay Resort, which will help expand and diversify our already strong presence in Hawaii,” said James F. Risoleo, President and CEO of Host Hotels & Resorts regarding Turtle Bay’s growth potential. He continued by anticipating a prosperous future with the acquisition. “With the Ritz-Carlton rebrand, we believe the resort will generate tremendous growth as it stabilizes.”