Background on Wailea’s $1 Billion Dollar Hotel
The news of a potential sale of the Grand Wailea resort initially broke in early January of this year. It was speculated the deal could be a record breaker depending on the variety of valuation methods available.
It was has been announced the Grand Wailea resort will be sold to New York-based private equity firm, Blackstone Group LP. The deal is set to close in a few short weeks on April 17th.
The sprawling Grand Wailea on the left with mini water park just steps from the beach
The sales of the 776-room Wailea hotel was confirmed in a letter to hotel vendors and finally put all of the rumors to bed. The letter to vendors says the hotel, currently owned by GWR Wailea Property LLC, will remain under the management company of Waldorf Astoria Management LLC
It is is believed the Blackstone Group will part with $1.1 billion in order to close the deal.
The anticipated sale price is poised to become the 2nd priciest U.S. hotel ever bought, only second to the $1.95 billion price tag that China’s Anbang Insurance Group Co. paid for the Waldorf Astoria New York from Hilton Worldwide Holdings Inc.
The Lowdown on Grand Wailea
Grand Wailea lit up at night
First opened in the late fall of 1991, the resort initially opened under the name of the Grand Hyatt Wailea. Built as an idyllic fantasy mega-resort, it held a reputation as one of the most expensive hotels to ever be constructed.
Spanning 42 sprawling acres of the most prestigious and coveted Wailea real estate, it is only fitting the hotel itself and its design fit matched the location’s beauty. Built for $600 million and completed with a certain level of luxury, bronze sculptures, open air designs, tropical flora, outrageous pools, and touches of elegance.
While the resort was under construction, it received harsh criticisms from analysts where many believed he was crazy for developing such an elaborate hotel. The same developer also built the Four Seaons Resort next door for an estimated $200 million. These days, we know who is having the last laugh…
Grand Wailea as It Is Today
Back in the day, rooms ranged from $350 a night to $8,000 for a 5,000-square-foot presidential suite. While that sounds teep, those rates look modest compared to what they charge these days.
Today, room rates will range from $659/night + resort fee of $30/night + daily parking for $30, and that is on your low end. On the upper end, guest can enjoy a 6200 sqft suite for close to $14,000/night.
Just a few years ago, the resort underwent a $30 million renovation to incorporate modern designs and eco friendly features. The renovations only enhanced, the Grand’s already stellar reputation. According the Hawaii Tourism Authority monthly reports, the Wailea resort is the hottest tourist area in Hawaii.
A few of the amenities:
- 262 foot “lava” slide
- Wailea Canyon: the pool area featuring 9 pools, 6 levels, all connected via slides
- Tarzan pool with a rope swing, a sand beach, six waterfalls, caves, three Jacuzzis, an infant pool, and a water elevator
- Spa Granda The hotel opened with and continues to feature its Spa Grande, rated as one of the top 10 spas in the United States, according to Conde Nast Traveler
- Onsite fine dining restaurants
Contact South Maui Real Estate Specialist
The Grand Wailea can be seen to right and behind the pillar of the neighboring lanai
Please interview me to be your trusted Maui Real Estate and Lifestyle Advisor. I was born and raised on the island, and spend a considerable amount of time to inform my clients about the best deals currently on the market. Please do not hesitate to call me for your Maui real estate needs. I am more than happy to assist you in your home search.
We are also on-site real estate team at the Ho’olei villas, we are open from 9AM-5PM daily, so feel free to stop by anytime. Also, see a full list of Wailea condos for sale and Makena condos for sale.
Aloha,Anthony Sayles R(S) Anthony@Danosayles.com 808-280-6532