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 Hawai’i.
The transaction is expected to close in mid-April 2020, 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, furthering its mission to be the ‘Premier Beach Resort Brand in the World’.
“Outrigger is uniquely positioned to steward this exquisite oceanfront property; with seven decades of leadership in Hawaii’s hospitality industry, we have a pulse on this market and look forward to sharing the legacy of this remarkable place in a responsible and sustainable manner,” said Outrigger Hospitality Group President and CEO, Jeff Wagoner.
The acquisition of a new full-service resort marks another significant investment by Outrigger Hospitality Group into the Hawaii market.
Stylish: the recently renovated Waikiki Beachcomber by Outrigger and (above) the latest property in Kona
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 and 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 center, fitness center, kid’s club, oceanfront pool and waterslide, two restaurants and four indoor meeting venues – including a 10,000 square-foot convention center, the largest on the Kona Coast.
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 finalization 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.
“We are grateful for our partnership with landowner Kamehameha Schools and appreciate the opportunity to work with its team to further enhance the property in a way that complements the organization’s vision,” Wagoner said.
Guests will have the ability to book a stay at this property on the Outrigger website as of mid-March 2020.