Arnold & Porter recently counseled Host Hotels & Resorts, Inc., the largest U.S. lodging real estate investment trust, in an agreement to acquire the fee simple interest in Hawaii's Ritz-Carlton O'ahu, Turtle Bay (formerly Turtle Bay Resort) — including 49-acres of land entitled for development — for $680 million net of key money. The transaction closed on July 31, 2024.
The 450-room resort, which increases Host's Hawaii footprint and is expected to be one of its top assets, recently underwent extensive renovations and was placed under the Ritz-Carlton brand as part of a transition to Marriot management. Resort amenities include exclusively ocean-view rooms, a vast indoor meeting space, a club lounge, several retail areas, a spa and fitness center, two golf courses, seven beaches, four pools, and extensive oceanfront trails.
The Arnold & Porter team was led by counsel Kathryn Olson and included senior associate Daniel J. O'Brien and associate John Thomas.