Outrigger Hospitality Group has signed a purchase and sale agreement to acquire ownership of Sheraton Kona Resort & Spa at Keauhou Bay, a 509-room property in a prime oceanfront location on the Island of Hawaii.
The transaction is expected to close in mid-April, at which time the property will be rebranded as an Outrigger Resort.
The investment is directly aligned with Outrigger’s strategic business plan to expand its presence in Hawaii and beyond.
“Outrigger is uniquely positioned to steward this exquisite oceanfront property; with seven decades of leadership in Hawaii’s hospitality industry, we have the pulse of this market and look forward to sharing the legacy of this remarkable place in a responsible and sustainable manner,” said Jeff Wagoner, president of Outrigger Hospitality Group.
The acquisition of a new full-service resort marks another significant investment by Outrigger Hospitality Group into the Hawaii market.
The purchase comes on the heels of an extensive reinvestment at the lifestyle hotel, Waikiki Beachcomber by Outrigger and acquisition of the on-site luxury resort rental program at Honua Kai Resort & Spa on Maui.
The lush 22-acre resort is perched prominently atop dramatic lava-rock cliffs and includes more than 500 rooms and suites, spa, wedding chapel, traditional Hawaiian cultural centre and a fitness centre.
The turquoise waters surrounding the resort are home to one of the only places in the world where people can consistently swim with manta rays.
Upon finalisation of the sale, Outrigger will begin drafting a property modernization masterplan that is aligned with the local culture and further elevates the grounds and guest experience.