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Blackstone buying Hyatt Waikiki leasehold for $450 million

By Bloomberg News Service

LAST UPDATED: 01:00 p.m. HST, Apr 17, 2013

Blackstone Group LP, the world’s largest hotel owner, agreed to buy the leasehold on the Hyatt Regency Waikiki Beach Resort and Spa for $450 million and plans to remodel the Hawaii property, which includes a shopping mall, said a person with knowledge of the transaction.

 Blackstone is acquiring the ground lease from a venture between Goldman Sachs Group Inc.’s Whitehall real estate funds unit, which owns the majority, and Hyatt Hotels Corp., which will continue to operate the Oahu resort, said the person, who asked not to be named because the sale hasn’t been completed.

 The leasehold has a term of about 75 years, the person said.

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